Japanese economic-policy institute
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Japan's trade-ministry think-tank dissects 'involution-style' (内卷式) competition as the cause of overcapacity and deflation, comparing the 2026 'anti-involution' drive to the 2015 supply-side reform — structural, not demand-side.
“'Anti-involution', like the supply-side reform a decade ago, treats China's deflation as a structural overcapacity problem, not a shortfall of demand.”