Finance

Apollo’s Rowan Sees Japan Ready to Roar: ‘There’s a New Swagger’

Commuters and shoppers in Tokyo.

Photographer: Ko Tsuchiya/Bloomberg

Apollo Global Management Inc.’s Marc Rowan knows the unhappy history of Japan Inc.’s three lost decades: Crumbling equity values. Deflation. The birth rate cratering and retiree population surging. Painful reckonings over and again for business and government.

But that’s the past, not the present.