Mrs Watanabe, meanwhile, gets sold the stuff that no one else wants, and often loses money on it.

ECONOMIST: Not all it should be

The mythical figure of Mrs Watanabe housewives in Japan manage the family money invested in New Zealand dollars and Icelandic kronur.

ECONOMIST: Twenty years on Japan is still paying its bubble-era bills

Mrs Watanabe should bear in mind that such borrowers do not offer high interest payments out of generosity, but because in future they may not be able to redeem their bonds.

ECONOMIST: Japanese bonds

The stockmarket is also rigged against Mrs Watanabe.

ECONOMIST: Not all it should be

Mrs Watanabe could turn to property, but although she would enjoy the luxury of being able to live in it, it would give her just as many sleepless nights as any of her other options.

ECONOMIST: Not all it should be