Question

In the 1970s, Frank Gibney had called Japan "The Fragile Superpower," which was confirmed with the crisis of the 1990s. In his new appraisal, Gibney writes that Japan has become the victim of ________?

Answer 1

Japan's economy soared post-WWII due to manufacturing and exports, becoming a technology innovator and the home of major car brands. However, in the 1990s, Japan's financial sector struggled, and the country was deemed a victim of a global trend of banking crises.

Step-by-step explanation:

Japan's rise to economic prominence post-World War II is a testament to its strategic focus on manufacturing and exporting goods. With initial help from U.S. aid and preferential treatment in consumer markets, Japan reinvested its earnings and transformed from a producer of low-cost goods into an innovator in high technology. Automobile giants such as Toyota, Honda, and Nissan are a few examples of Japan's manufacturing success stories. However, the 1990s posed significant challenges, notably in the banking sector, which faced profound financial troubles. There was a global pattern of reluctance to address issues with struggling banks, not only in Japan but also in East Asia, Latin America, Eastern Europe, and Russia. This systemic unwillingness to confront banking problems led many observers to affirm that Japan had become the victim of the same issues that plagued many parts of the world.