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GWS Equity Insights


/ 6 Feb 2018

Japan: It’s Different This Time “The man who moves a mountain begins by carrying away small stones.” – Confucius

We recently spent a week in Japan meeting with 20 companies, the Bank of Japan (“BoJ”), the Cabinet Office and the Japanese External Trade Organization (“JETRO”). While we were very familiar with the Prime Minister Abe’s extraordinary fiscal and monetary policies, we were surprised by the magnitude and impact of the structural reforms, the so-called “third arrow.” In 2014, when Abe characterized the structural reforms as 1,000 needles, it left many economists and strategists under-whelmed. It was the opposite of the shock and awe of Bank of Japan’s quantitative easing. However, three years later, seeing the impact of many small on the very strong Japanese business culture is amazing.

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