There are a number of investors and economists that argue that where Japan was, there the Europe and the US are going. Most recently they are emphasizing Europe following Japan more than the US. Although we recognize some similarities, we suspect they are superficial in nature. For example, the deflation that has gripped Japan is qualitatively different than the deflation being recorded in the euro area. The deflation in the eurozone is primarily a function of the drop in oil prices. Core inflation, as we will see with tomorrow's preliminary release, remains positive. Both the eurozone and Japan have bank-centric ... (full story)