The roots of Japan’s economic problems go back to the late 1980s, when the nation suddenly went from challenging US economic supremacy to watching one of the world’s biggest asset bubbles burst. The Nikkei 225 index fell some 80% from a 1989 high in the ensuing prolonged period of stasis.

Its leader is a former supermarket manager who created his political party on YouTube in the depths of the coronavirus pandemic and campaigned on the Trumpian message “Japanese First.”

Populist ideals are gaining traction in Japan, spurred by right-wing politicians running rampant elsewhere railing against elitism, g