The Bank of Japan announced its latest initiatives (“BOJ targets yields in new strategy” in the Sept. 22 edition) and the financial press was filled with the same old comments about “need for structural change,” “failure of Abe’s third arrow,” etc.
One of the things I struggle over with these analyses is the time impact of change. I have led large businesses that required major turnarounds and have some sense as to the time lag after structural changes are made.
Financial experts and economists talk about structural changes required in Japan but seem to either entirely discount all of the ones that have been implemented or do not appreciate how long it takes for a structural change to impact the economy.
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