Fed ready to act as Bank of Japan takes back seat

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For some months international investors have been drifting back to Japan. They reckon that risutora,...

For some months international investors have been drifting back to Japan. They reckon that risutora, or corporate restructuring, is a very good thing. They don't hold with the namby-pamby jobs-for-life social contract which successive Japanese governments have made with their people. They certainly can't understand why unemployment at 4.8% (a post World War Two high) is any cause for worry, or any sort of shame. Younger Japanese entrepreneurs tend to agree with the western investors. They think restructuring and deregulation are good for their new 'concept' service businesses. They don't w...

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