Profitability outlook remains intact

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Where the economists were right was in thinking that the key to the turnaround in Japan would be a r...

Where the economists were right was in thinking that the key to the turnaround in Japan would be a recovery in confidence. The problem is that confidence is the least scientific and most subjective of the variables with which they have to contend Based on the facts in their famous rear view mirror, economists prudently stuck to the slow lane. With no positive numbers behind, they couldn't see the break in the gloom ahead. Less encumbered by the rigours of the Miserable Science equity investors, on the other hand, faced with the dark tunnel ahead, donned their sunglasses and stepped on the ...

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