How Badly Is Japan Hurting
In recent mouths, similar pledges had been ineffectual, shrugged off by Japan’s fierce stock-market bears; this time was different. To the astonishment of still-gloomy analysts, the Nikkei responded, soaring 617 points on Thursday and then a stunning 949 points to close the week. The immediate sense of relief in Tokyo was palpable, but the critical questions Japan faces were still unanswered: with its markets in their “worst crisis since the war,” as Hata himself put it, was Japan a mortally wounded economy*....