Some recent discussions in the media have centered on whether the Japanese economy really relies as heavily on China as is made out to be.

To begin with, the Japanese economy is export-oriented and Japan's rise can be attributed to exports. Or else, how could the Plaza Accord be signed to help the continuous appreciation of the Japanese yen from 1985 to 1995? How could the yen start appreciating again in 2008 and continue to linger at a high level until now?

Second, the low proportion of exports in Japan's economic aggregate doesn't mean that the Japanese economy is not dependent on exports. How could the Japanese economy wipe out the memories of the "lost decade" (1991-2000) with its recovery from 2003 to 2008? How could it recover and maintain its growth for years on end? Wasn't it because of the Chinese demand factor?