…Japanese industry decides that it needs to move away from making things people usually like to buy. Whiskey Tango Foxtrot:
Many economists and business executives say they hope that Toyota’s trauma will be the unsettling blow that Japan needs to understand that its reliance on manufacturing and industrial exports, which served the country so well after World War II, is no longer wise.
Yukio Noguchi, a professor of finance at Waseda University in Tokyo, said Japan must finally evolve into a postindustrial, service-based economy — a painful transition that the United States and Great Britain underwent in the 1980s. Others said Japan should focus exclusively on high-end, high-profit products, like robots and fuel cells, rather than mass-produced goods subject to quality-control issues
This is a joke, right? As many in the Coalition of the Sane in the U.S. are trying to revitalize industry, Japan wants to move to a bullshit-based economy? Because that’s worked out so well in the long run. I mean, it’s been really stable, and good for long-term economic growth.
This is either a massive overreaction or some really shitty reporting.