Japan’s economy is emerging from a long winter. What could its wilderness years teach us?

From the viewing gallery atop the Tokyo Skytree, the world’s tallest tower, locals and tourists gather daily to gasp in awe at the vast expanse and sheer density of this vibrant city.

Once the capital of a nation that seemed unstoppable on the path to global financial domination, it has spent the past three decades flirting with almost constant recessions.

Suddenly, seemingly overnight, its fortunes appear to have changed.

In late February, the Tokyo Stock Exchange soared to a new record, finally rescaling the dizzying heights of 1989, in a time before the rot set in.

Then, a fortnight ago, it raised interest rates for the first time since…