Land of the rising sun is now in the shadows
ECONOMISTS will blame the deflation trap and misguided fiscal spending. Political analysts will blame parliamentary deadlock and vested interests. Investors will blame over-engineering and timidity.
The simpler version is that Japan ceded its status as the world's second-biggest economy to China yesterday because it had lost interest in keeping it.
The farcical domino-run of six prime ministers in five years marked a haemorrhaging of national gravitas that few other electorates would tolerate. It has left the country without a credible champion for its cause. Even if Japan as a whole were hungry enough to give China a battle for the second-place spot, it has nobody willing to channel that energy.