BY many measures, Japan’s economic fortunes have turned up. The Tokyo stock market has surged about 65 percent since last fall. In the second quarter, the economy expanded by 3.8 percent, which is faster than other developed economies. At last, prices are edging upward, a good thing for Japan. Yet, the mood in Tokyo among businessmen and economists remains precariously balanced between enthusiasm for the monetary and fiscal stimulus unleashed by Prime Minister Shinzo Abe and worry that promised structural reforms might not be implemented.
That’s a worry that other countries should absorb.
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