Nepal, Feb. 12 -- Japan's long refusal to adopt a pro-immigration strategy no longer seems as mistaken as it once did, given the recent backlash against globalization

TOKYO - When I participated in the Chatham House/Daiwa Research Institute conference on the post-Brexit Japan-UK relationship in Tokyo last month, it was my first visit back to Japan since my departure from Goldman Sachs almost six years ago. Prior to this trip, I had been visiting the country regularly since 1988, so it was helpful to see things from a slightly more detached perspective.

By and large, Japan in 2019 feels relatively stable when compared to other advanced economies. A decade from now, I would not be surprised if it continues to show the highest real (inflat...