In Bill Emmott�s article, �The Sun Also Rises�, he makes a statement about the Japanese economy: �Japan is back. It is being reformed. It is reviving.� In the academic community, not everyone agrees. There are many factors that contributed to the burst of Japan�s economic bubble, and they all must be understood to predict the future of Japan�s economy. In order to forecast whether the economy is coming back one needs to consider these contributing forces: Japan�s Lifetime Employment System, the banking crisis, and the Cross-Shareholding System One important aspect of Japan�s economy is the notion of �lifetime employment�. In this system, new graduates from high school or college are hired by a company with the assumption that the new graduates will work for the company until they retire. Employees saw their salary gradually increase over the years based on seniority and usually regardless of ability and productivity. However, when companies were faced with hard times, they asked employees to take pay cuts in order to uphold the lifetime employment commitment. In this way, they di......

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