I first arrived in Japan in 1997, when memories of the bubble years were fresh and Tokyo was known for its frenetic nightlife and high prices. Back then I don’t recall anyone using the term “kosupa” – an abbreviation of the English words “cost performance,” which means “value for money.” If the search for kosupa has since become a pastime, its more austere cousin “setsuyaku” (economising) is something of a religion, highlighting how years of deflation and flat wages have turned Tokyoites into master bargain hunters. While I have covered elections, the Olympics and the assassination of former Prime Minister Shinzo Abe, I’m mainly responsible for Reuters business coverage, a job that leaves me constantly amazed at Japan’s ability to tighten its belt, even when it seems there’s no belt...
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