ABSTRACT
Over the last two decades, the Japanese have managed to uphold satisfactory living standards despite low growth. The sustainability of their performance is challenged by massive public debts and an aging population. Innovation, driven by new economic players such as the elderlies, women and immigrants, is the key to overcome those challenges. But since the Japanese are getting increasingly non-materialistic in their value-orientation, the most meaningful economic goal is the improvement of their quality of life rather than higher GDP growth.
