Not so long ago Japan was being portrayed as the deadbeat of the world financial system. Seems there is still some life — and money — in the island empire.
If you want to understand Japan, try watching what people do rather than listen to what they say. More even than in other parts of the world there is a difference — and what people do is, of course, a far more useful insight into their true situation. It is interesting therefore to note that as the International Monetary Fund wound down its semi-annual meeting in Washington yesterday, the Japanese government emerged as by far the largest single non-eurozone contributor to the latest euro rescue effort. Yes, this is the same government that has been going round pretending to be bankrupt or at least offering no serious rebuttal when benighted American and British commentators portray Japanese public finances as a train wreck.
Read the rest of the story: If Japan Is Broke, How Is It Bailing Out Europe?.