Remember the bubble? In case you don't, Shukan Gendai (Dec. 20) reminds us that the economic bubble of the late 1980s was an era of rocketing salaries, stock prices and property values, yet accompanied by little inflation. Wealth was seen everywhere. Catching a cab downtown at night required flashing a ¥10,000 bribe at the driver just to get him to stop.

Over 20 years later, the bubble era seems like a wonderful, distant dream. However, 2011 could well be different. According to the weekly, Japan is now on the verge of a new economic bubble for the 21st century.

Some of the major economic indicators already are showing strong promise as we begin the new year. As this story was going to print, the stock markets were climbing, the dollar strengthening, and the price of gold, a favorite asset in bad times, falling.