I really think so.
This is a little bit technical, but a pretty compelling case that the last two decades in Japan is analogue to what is happening in the US today.
Japan’s experience in a post-bubble "balance sheet recession" indicates that monetary policy is nearly worthless, except for liquidity injections, becuase no one wants to borrow in a deflationary environment. Monetary policy will remain ineffective until house prices return to a level that is less than or equal to fair value on a DCF basis. (Which will likely overshoot on the downside, sadly.)
Fiscal policy becomes more effective, particularly goverment spending and bank capital injections. We have been getting capital injections, and the country just voted for more spending, so perhaps we’ll fare better than our friends across the Pacific.
BTW, with Japanese stocks at levels last seen in the early 1980s, Japan probably offers the best long-term equity investment story among developed markets. Germany, which has been in a similarly long stagnation, is probably also worth considering.