Oil Prices not Delivering Asia Boom

The best efforts of central bankers in the West and Japan to re-ignite inflation have thus far failed. The rest of Asia, which once seemed partly immune to the problems of aging and indebted societies, is now looking far more vulnerable to deflationary forces. Low and still-falling interest rates should in principle benefit these countries but a more important factor now seems to be the excess of supply created in Asia, and elsewhere. China, the cause of so much comfort in the past, is both the direct and indirect cause of the discomfort.

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