Sleeping in a capsule hotel or cafe is definitely NOT cheap in the long run. Think of it more as a "last resort" sort of thing and not a normal option.
The actual cheapest option in the long run would be to rent a cheap room somewhere that is not Tokyo. Rooms are quite expensive there - even the crappy ones from what I understand.
Around here you can find rooms in the 20,000~25,000yen/month range pretty easily. Definitely less expensive than the 4500~6000/night of a capsule or the 1000~1500/night for crappy sleep in a cafe chair.
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Also what is the feasibility of an American citizen going to Japan to get a job as a hotel housekeeper or clerk for konbini stores in this economy?
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The economy isn`t the issue - your visa is. If you have a visa already that allows you to be in Japan and can speak Japanese... You can get pretty much any type of minimum wage (or there about) job out there.
But none of those will get you a visa, and without a visa you cannot be hired.