Japanese policymakers often seem like the economic equivalent of Winston Churchill’s take on Americans that they can be counted on to do the right thing after exhausting all other possibilities. There’s nothing new or innovative about Prime Minister Shinzo Abe’s revival scheme. Abenomics is merely a list of reforms Tokyo should have tackled 20 years ago. Instead, they exhausted every possible alternative, often several times, until delay was no longer an option.

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