It's easy to get mired in all the negative factors bogging down the Japanese economy. An aging population and high debt levels are all too familiar laments echoed by analysts who have followed the country over the decades. Disheartening too is the fact that the demographic and fiscal challenges that have been so long in the public consciousness have yet to be resolved. In fact, they have only gotten much worse over the years.

Still, as Japan looks to keep its competitive edge in the global economy, it should also step back and reconsider what the definition of economic success actually looks like, whether it can play a role in reassessing how to define prosperity and whether it can be a nation that inspires others to follow.

In short, as Japan frets about the possibility of slipping from third place in the global GDP ranking, can its standing and international appeal remain high if measured by a different yardstick?