Remember how Japanese PM Shinzō Abe was going to be the guy to really, truly, and finally spend his country into prosperity? Well:
Japan just printed its worst current account deficit on record and its worst GDP growth since Abenomics was unveiled – both missing by the proverbial garden mile and both confirming that all is not well in Asia. As for the perpetual hope of a J-curve (or miracle hockey-stick reversal)? There won’t be one!
Tyler Durden has the whole story, accompanied by some Doom & Gloom-worthy charts.
Deregulate. Simplify the tax code. Protect the value of your currency. Those three steps are all it takes to achieve prosperity, but as Glenn Reynolds like to say, politicians don’t like them because they provide too few opportunities for graft.