> high standard of living
And that's why I took a 60% salary cut to live in Japan.
> low unemployment
I don't think Japan having lower unemployment than other developed countries is an indicator that other countries are worst off. A part of the employment rate is due to cultural reasons. There are people who can afford not to work, but choose to work anyways.
> some of the top health metric on the planet
The Japanese eat less processed food, eat moderate portions, use public transportation which involves a fair amount of walking, and just take more sanitary measures such as wearing a mask and washing hands.
After a certain economic level, this is also a cultural phenomenon.
> A lot of places would be very happy to have that kind of "faltering"
It doesn't change the fact that Japan was going to be the global superpower, until it didn't. Deflation is a fact.
A lot of places would be very happy to have the American standard of living even during 07-08 recession, but that doesn't change the fact that it was a setback.