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Pax Japonica: The Resurrection Of Japan Rey and others and traces the very particularA controversial analysis of Japan the world's third largest economy and its future rise again. Japan, the world's third largest economy and its largest creditor nation, has been in crisis for more than two decades. Its economy has been depressed or in recession in much of that period, its banking sector in a critical state, and its public sector burdened by recurring fiscal deficits and mounting debt. Today, the hegemonic role in global trade and