You’re looking at nominal GDP measured in USD over a period when the value of the yen fell significantly relative to the USD.
If you look at the trend you can clearly see the nominal GDP fell back down to trend after a massive spike during the high yen period post-GFC.
I lived in Japan most of that period and no one thought of it as a recession. Unemployment fell to essentially zero, the stock market boomed, the lower yen was welcomed and ultimately “real” (PPP) GDP rose.
There’s a reason Abe was able to serve as PM for so long in a country otherwise notorious for cycling switching leaders.
If you look at the trend you can clearly see the nominal GDP fell back down to trend after a massive spike during the high yen period post-GFC.
I lived in Japan most of that period and no one thought of it as a recession. Unemployment fell to essentially zero, the stock market boomed, the lower yen was welcomed and ultimately “real” (PPP) GDP rose.
There’s a reason Abe was able to serve as PM for so long in a country otherwise notorious for cycling switching leaders.