On Japan, their new finance minister, and the mistakes we hope the UK won’t copy (from FT leader):
the Japanese conundrum was caused by timid conservatism. Right now, a risk averse stance is to be bold. One must hope that Mr Kan, a deficit dove and deflation hawk, follows his instincts – and does so bravely.
Of course, any such analogies with Japan actually rely on the idea that our economy is like Japan’s. But incipient signs of real inflation (i.e. not just base effect) might give the lie to this comparison.