Troubles in the Land of Rising Yen

IN the 17th century, after a long series of conflicts that ended in a unified Japan, peace finally came to this country. Commerce flourished. Wealthy women spent money on exquisite kimonos and modeled their original designs at fashion shows. Imports surged of Chinese “white” silk yarn, which Japan paid for in precious metals. A prominent scholar of the time, Miyazaki Yasusada, justified such trade by arguing that you cannot eat or wear gold or silver.

Japanese consumers can be lavish spenders — when they are given an opportunity. I see one coming.