But the populists are going to have to grapple with the Goldin, Katz and Heckman research, which powerfully buttresses the arguments of those who emphasize human capital policies.

Conservative elements of the Japanese press do not share Mr Funabashi's temperate views, and it is relatively easy for them to whip up fury among ultranationalists.

And, there are interests skilled at directing populist anger away from those who are to blame and onto those who are trying to hold the culprits accountable.