Or. Mystery solved: Geography determines the Phillips Curve!
Back in 2005 Gregor Smith found an eerie resemblance between Japan´s Phillips Curve (inflation and minus the unemployment rate). Seven years on, if anything, the resemblance has increased!
Update: Given Chile´s very distinct geographical shape, I thought of running the “experiment” with Chilean inflation and unemployment data. Chile´s Phillips Curve is just as ‘steep’ as the country´s contour, and also wiggles to the right at the bottom!