Japan's Affluence

Interesting pov from an economist in Japan. I've never been, so I cannot attest. But growth as the sole indicator of economic well being for a country could certainly be off. Since I lived in LA for the past 7-8 years and only visit the Bay Area 2-3 times a year, I get a different perspective from the place I grew up and lived after college. It is most definitely more wealthy and affluent than I can ever remember, even post-tech boom. However, I interpret a lot of this "wealth" to speculation and mostly in real estate, and although those prices have gone down, they haven't gone down a lot. People I know looking to buy places in the Bay Area cannot dream of affording a real house. Part of the reason is the houses are so damn nice and expensive. Strange times. Both rich and poor.