It's Morning in Japan

After a 15-year economic eclipse, a stream of good news is finally brightening the outlook for Japan. Banks have started to lend again, companies to hire and invest, and consumers to spend. Things are so good, in fact, that the Bank of Japan has just declared victory in its epic battle with deflation. The country has the world's second largest economy; its recovery will have implications around the globe.

It's worth remembering how Japan got to where it is now. The crushing collapse of the country's financial markets at the beginning of the 1990s exposed Japan to an...

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