Comment: Is Japan really 'out of the woods'?

Speaking at a conference in London on Monday 23 January Eiji Hirano, the assistant governor of the Bank of Japan, said the economy was "getting out of the woods".


Hirano's message was the most bullish assessment of the recovery in the Japanese economy presented by a central bank official in recent times.

Since the end of 2003 the Bank of Japan's comments on the prospects of a Japanese recovery have become increasingly upbeat. But, in seeking to avoid the mistakes it made

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