Only in the world’s optimistic press is the news of 1.1% fourth quarter GDP growth in Japan treated as a magical moment.
It’s a vast improvement on a 5% contraction in 2009, apparently.
And of course it’s mostly due to cash for clunkersish incentives that will dry up shortly.
Oh, and it neglects a little thing like Toyota not selling very many cars this quarter.
Or the Central Bank of Japan saying the country’s back in a deflationary spiral.
And it’s all of a piece with thinking that 9.7% unemployment in the US means we’re now on the road to recovery.
Gorilla says: “Rising sun? More like mostly cloudy!”
Tags: Japan