A year ago, had you asked is Japan ever going to be more than a moribund economy and rudderless nation, a lengthening shadow of its former glory, I would have answered I don't see it.
Had you asked next so put some odds on your view I would have answered something like 10% odds Japan rises out of its Great National Slump, 90% it doesn't. A year ago.
Then late last fall, my view began changing. By New Year's 2013 it had really shifted. We found ourselves in the unaccustomed position of investing in Japan! And looking for more. For me, the odds were now greater than 50% that Japan would rise out of its Great National Slump.
What happened?Read More