Five years since Shinzo Abe came to power, the economy is much stronger, but still falls short of the revolution he pledged to deliver.
Aggressive monetary policy has beaten back the deflationary malaise of previous decades and the weak yen is boosting exports, corporate profits and the stock market.
Yet much of the promise of the prime minister's Abenomics program remains unfulfilled. Domestic consumption is tepid, companies are reluctant to raise pay for workers, and businesses and households worry about the future as the population ages and declines. And the nation's huge debt still casts a shadow over the future.