EconoMonitor | Japan’s Three Arrows―Will They Fly?

Jerry Schiff writes:

We see encouraging signs that the desired changes to the economy are beginning to take place. Growth in the first quarter rose by an impressive 4¼ percent seasonally adjusted annual rate. Equity markets are up by some 40 percent for the year. Exports appear to be recovering. Credit growth has turned positive. Consumer and business confidence have picked up. And Inflation expectations are beginning to rise…… But the transformation is far from complete. In particular, higher investment and wages — two keys for ultimate success — are not yet observed.

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