From the FT:
Japan’s economy grew at the fastest pace in a year last quarter, with solid growth in consumer spending and exports suggesting the expansionary policies of Shinzo Abe, prime minister, are delivering quick and tangible results.
Government data on Thursday showed that real gross domestic product increased by 0.9 per cent in the three months to March, or 3.5 per cent in annualised terms. It was the second consecutive quarter of growth, after a rise in October-December that the government revised upward to 1 per cent.
Remember that Abe ‘promised action’ during the run-up to the December election. The markets have reacted according to MM principles, In particular the “Chuck Norris principle”.
See also this very good post.
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I used to accuse the Fed of turning Japanese is a derogatory way. Now, I really wish it would turn Japanese and up the ante with NGDPLT.
Long and variable, sticky expectations are.