Japan is the canary. Aging population, lack of immigration for backfill, etc.
The important detail is, that Japan is not burdened with the cost of maintaining a aging infrastructure. Japan got a semi fresh start after WW II. The same can not be said for other parts of the world (e.g., USA).
Finally, Japan has also benefited from the rest of the world not *yet* contracting. It is a single outlier. It's not wise to extrapolate The Japan Story as on that will work on a global scale.
The important detail is, that Japan is not burdened with the cost of maintaining a aging infrastructure. Japan got a semi fresh start after WW II. The same can not be said for other parts of the world (e.g., USA).
Finally, Japan has also benefited from the rest of the world not *yet* contracting. It is a single outlier. It's not wise to extrapolate The Japan Story as on that will work on a global scale.