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A pedestrian studies an electronic board displaying stock market indexes outside a brokerage in Tokyo.
A pedestrian studies an electronic board displaying stock market indexes outside a brokerage in Tokyo.
(Yuya Shino/Reuters)

Japan’s problem: Too much corporate investment

Japan has long proved that it’s actually possible for business to be investing too much for the good of a country’s economic and fiscal health. That’s the exact opposite of the long-term trend in the United States, Europe and Canada, where low corporate investment and big-time cash hoarding prompted then Bank of Canada Governor Mark Carney’s famous “dead money” rebuke of corporate Canada in 2012.