Japan's elected government provides a democratic facade for the mandarins who run the state. The ministers come and go, the bureaucracy remains. The MoF and the BoJ run the economy, and they have done better than anyone expected: massive fiscal deficits with very little inflation. The BoJ has redeemed a third of the national debt. An amazing economy, and a successful one. Japan is so easily underestimated.
Japan's elected government provides a democratic facade for the mandarins who run the state. The ministers come and go, the bureaucracy remains. The MoF and the BoJ run the economy, and they have done better than anyone expected: massive fiscal deficits with very little inflation. The BoJ has redeemed a third of the national debt. An amazing economy, and a successful one. Japan is so easily underestimated.