Fighting deflation for two decades can wear down the best. Even a Samurai. Undeterred however, the ‘Land of the Rising Sun’ has decided to battle all odds with a ‘Damn the torpedoes’ attitude. A monetary policy that was religion for long, remained religion. But while the devaluation of the yen took Japan’s import bill to the stratosphere, exports barely budged. Its trade deficit is now at a record high. How the samurai spirit seems to have lost its loudness...
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