Quit picking on Japan!

Here’s the per capita GDP for the G8 countries (relative to the USA):
rel_japan
You can take two lessons from this chart.
1) Japan hasn’t had bad monetary policy relative to, say, the continental European countries
or
2) Monetary policy just doesn’t matter in the long-run

Also, the more you stare at these real GDP per capita charts, the more you think the 1980s in Japan was an outlier (aka bubble).

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