Japan's Doing Better Than You Think

Commentators, particularly but not exclusively from the west, seem to delight in bemoaning the alleged weakness of the Japanese economy and that nation's "lost decade." Japan itself is considerably concerned. On Monday, the Financial Times, which in particular seems to relish finding countries worse off than its own, quoted Japan’s economy minister, Kaoru Yosano, as saying the economy is unlikely to respond to a planned fiscal stimulus and adding that the country would have to endure higher unemployment and possibly a return to deflation and shrinking output..

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