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Today's Good News From Japan Is Terrible
Global markets long ago got used to the "Greenspan put." But they haven't seen anything like the "Kuroda put" that Japan's central bank governor may soon implement. Ignore today's dramatic Japanese growth figures. When you raise sales taxes in a deflation-wracked economy for the first time in 17 years, you're going to get a surge in anticipatory shopping. Therein lies the explanation to the 5.9 percent jump in gross domestic product in the first quarter from the previous one. But do pay attention to Haruhiko Kuroda's comments after the data were released: The urgency to increase Japan's growth is increasing. Paul ... (full story)