January 15, 2015
The NYT has somehow decided that Japan needs budget discipline. It’s not clear what the basis for this determination is, but the fourth paragraph of an article on Japan’s latest budget proposal told readers:
“With the budget proposal, Japan is trying to balance its need for growth and discipline.”
The markets apparently do not see the same need as the NYT. The current interest rate on 10-year government bonds is 0.25 percent.
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