Lost decade
The stagnation in Japan after 1990: weak growth, falling prices, and an equity market that did not return to its earlier levels for years.
How to read the number
The lesson here is about deflation: when prices fall, postponing a purchase pays, and debts grow heavier on their own without a single new loan being taken.
When the metric lies
The experience is transplanted to other countries mechanically, leaving out the demography and the ownership structure of the banks without which it does not explain anything.
Also known as: lost decades