The Imperial Japanese Navy made its attack on Pearl Harbor on the morning of December 7, 1941. The number of US servicemen killed on this one day 64 years ago: 2,403. Number of civilians killed on this one day 64 years ago: 68.

On a day when Japan will deservedly be kicked around a bit, the New York Times has some good news for our brothers and sisters in the Far East:

Could it be that Japan, long the sick man among major global economies, has finally recovered? [...] [T]his time, most economists and analysts agree, the recovery seems to be real, its roots extending through the Japanese economy. After more than a decade of working off excessive debt, bloated payrolls and overbuilt factory capacity, Japan seems to have addressed its bubble-era problems and emerged leaner and more competitive, the economists say. In fact, the economy here is projected to be growing at a faster rate than Europe’s this year.

Well actually Japan has had a GDP growth rate higher than Europe’s since 2003. The 1990’s and early 2000’s are rightfully lost years for Japan, economically speaking. It is not a stretch to say that Europe is undergoing its own lost economic years. A view of early lost year situations:

Source, Eurostat

Source, Eurostat

Source, Eurostat

It is interesting to see such a similarity in the numbers. Hopefully Europe can cut the losses after five years. Japan’s second half of lost years had an average GDP growth of just 1.3% for the years 1996 thru 2000.