It has taken 15 years and several false starts to fix, but Japans broken economy is back in good repair. Gross domestic product in the final quarter of 2005 expanded an annualized 5.4%, outpacing growth in the U.S. and Europe. The central bank signaled in March that seven years of deflation had ended when it eased measures that for five years had kept financial markets awash in cash. Corporate profits are up, and joblessness is down. Officials in Tokyo are gleeful about what they predict will become the longest period of economic growth since Japan's defeat in World War Ⅱ.
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