Japan.
What is more interesting however is the fact it looks like…a Phillips curve. This is kind of astounding. You could pick up a vintage late 60s macro textbook and it’d be struggling to explain the situation that was unfolding then, but the problems in contemporary Japan (and increasingly the US)? There’s not much in the past 40 years of macro that is going to help in a way the old edifice could not- though the standards of the debate in the US shows there’s alot than can inhibit.