Japan exported vast amounts to keep its economy afloat. If it was for the booming world economy of the 90s, Japan would have died. The paradox of thrift is the problem; if everyone experiences deflation, and cuts as a consequence, making debt repayments a bigger percentage of gdp, and the cycle repeating, where does it end? At least Japan had an untold number of trade partners who were willing to buy.

It all must be viewed in context.