Few doubt that the scholastic abilities of young Japanese, from grade school children to university students, have declined markedly. Some critics blame the problem on the system of "yutori kyoiku" ("relaxed education") introduced in Japanese public schools; others blame the nation's declining birthrate. They are all mistaken.
In my opinion, the problem stems from the fact that in the 1990s, traditional Japanese virtues such as perseverance, diligence and seriousness were ignored. One economics commentator said: "The age of sweating for money is over. In the new age, people will make money by using their brains in financial speculation. Everybody will try their hands at speculation, except hermits."
In a speculation-driven age, diligence, hard work, seriousness and intelligence are rarely rewarded. Some people earn tens of millions of yen by brokering land deals; others make hundreds of millions of yen through de facto insider trading of stocks. Engineering students choose careers in banking, shunning manufacturing jobs. Mammonism is rampant.