Japan's core failure lies in its industry, and the core of the industry is that the consumer market is not large enough, which leads to consistently making the wrong technological choices - if you choose A for the United States and then choose B, then you've made a mistake.

The insufficient consumption is also due to a peak in population and income. The core difference between China and Japan is that back then, Japan's per capita income was among the top 10 in the world, while China had not yet reached the threshold of a developed country…

The failure of the industry further exacerbates the decline in consumption - this is a negative feedback loop.

The government hasn't done well either, desperately printing money and exploiting young people… I was shocked when I heard Japanese colleagues in foreign companies sleeping on the office floor for two weeks - the stories of Alibaba and JD's Double 11 sleeping on the floor came later.

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