The long gloomy years of deflationary stagnation, sometimes known as the lost decades, appear to be ending
These days Japan looks more like a model case in the management of an ageing, mature society
“Opposition” does not refer to minority parties in parliament, who remain irrelevant, but hardliners in the bureaucracy and their supporters
The ensuing collapse in the West’s financial credibility was equivalent to the Iraq War’s effect on its strategic credibility
In the creative destruction that is supposed to characterize capitalism, destruction is always noisier and more eye-catching than creation
Populism thrives under deflationary conditions, as in Japan and Germany in 1928-33, but populism in power often brings high inflation
Kuroda signing off on a tightening would be like a sumo champion going on a vegan diet.
Prime ministers came and went like karaoke singers taking turns at the microphone.
Once upon a time it was possible to view all this as some bizarre, uniquely Japanese phenomenon. No longer.
The ideological project of turning Greeks into Germans and vice versa has collided head-on with “the crooked timber of humanity.”