Japan’s ‘safe haven’ status is shifting it towards the West

Chocolate Father Christmas made in Japan for export (photo:dpa)
Chocolate Father Christmas made in Japan for export (photo:dpa)

In spite of its many economic problems, Japan appears to have retained its ‘safe haven’ status because it has its own currency, it has low exposure to international debt and it does not have to rely on a foreign central bank. At a time when the country is at odds with its largest export market, China, over disputed islands, it appears to be turning away from its giant neighbour.

JAPAN left a very positive impression on the International Monetary Fund/World Bank summit in Tokyo in October 2012. It is perceived as an economic ‘safe haven’, similar to the US, Germany and Switzerland.

This is despite its continued procrastination over much-needed struct...

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