All pain, no gain

Professional Adviser
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The world's second-largest economy should have picked up by now. The tide must surely start to turn for Japan

Government spending packages came and went. Fiscal stimulus was invoked several times over. Corporate reform was meant to herald a new dawn. But nothing has made much impression on the Japanese stock market. It is still 60% below its all-time high in 1989. The world's second largest economy regularly defies the predictions of both foreign and domestic analysts. It should have picked up by now. In the US and Europe, markets sent reeling after the terrorist attacks in New York on 11 September have bounced back. Some are ending the year on a positively optimistic note. They take the pain and...

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