Is Ireland heading for a Japanese lost decade?

http://www.guardian.co.uk/business/ireland-business-blog-with-lisa-ocarroll/2011/apr/11/ireland-recession-japan

But still, we have the banking crisis, the asset price collapse, the vast increases in numbers of non-performing loans, the deflation, the deleveraging, the balance sheet problems in banks, businesses, and households, the rush by the private sector to pay down debt, the cosy institutional arrangements between bankers and centres of power, the repeated failed attempts at recapitalisation, and finally, the deep restructuring of the Japanese and Irish banking systems.

There are more similarities than differences in this story.