The main difference this time is the restructuring of the domestic economy, playing down the excessive debts and other hangovers from the asset bubble of the 1980s, and those adjustments have been done. In the past we've had recoveries driven by export growth but no real adjustment in the broader economy in areas outside of exports and manufacturing.
More Quotes from Stefan Worrall:
Before, growth was reliant on the life support of external demand. Japan is moving back to a more normal economy, where domestic demand is the biggest driver.Stefan Worrall
As we approach 2006 we have domestic demand, which is strong and being built up by employment growth, and businesses becoming more confident, and at the same time you have external demand becoming quite strong.
Stefan Worrall
Japan's economy is back, and with a vengeance. This was a pretty fantastic year.
Stefan Worrall
When companies think interest rates are going to rise they will start investing before that. So that can actually boost capital spending before something such as a tightening in monetary policy.
Stefan Worrall
Today's figures will only heighten the sense that monetary policy is about to change. It may well change next week or in April.
Stefan Worrall
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