Economy FT: Japan on its path to emerging economy

The Financial Times argues that Japan COULD go from a developed to an emerging economy:

April presented significant challenges for Japan, marked by a dramatic drop in the yen to its lowest value in 34 years. It prompted the government to intervene with a substantial currency support package exceeding USD35 billion. The country also faced sobering projections from a leading think tank, suggesting the potential disappearance of over one-third of its municipalities. A pivotal industrial policy group highlighted persistent threats to Japan's economic well-being. Amidst these developments, Japan, which has emerged from deflation and is out of step with the monetary policies of other developed nations, finds itself at a critical juncture. The events of April, particularly those concerning the yen, have cast uncertainty over Japan's future trajectory. As the nation looks ahead to 2024 and beyond, it grapples with the fear of descending into the chaos and inequality typically associated with emerging economies.

As the first Asian country to achieve the developed economy label, Japan has worn the badge for decades with as much pride as it has shown its terror at losing it. However absurd or remote, the idea of that happening has elbowed itself a place in public discourse, often as a motivational tool. The sustained battering of the yen since January, along with the excitement that has encouraged speculators and the government intervention apparently triggered on Monday, has led some to declare the situation a currency crisis. Some have invoked the idea that this exposes emerging economy-like vulnerabilities in Japan. Foreign tourists turning up in record numbers and declaring on social media how cheap the place feels may have added to a sense of accelerated diminishment.

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Source: Japan is haunted by a return to emerging-economy status

You're not making me feel so good about all the money I sunk into a JPY fund this past two years. It's got to come back right? Right?

Japan may end up as an emerging country in terms of the wealth of its population, but it's difficult to imagine the country descending into chaos. I am worried about a run on the yen caused by speculators, though.