The headlines shout that Japan is back. Shinzo Abe has returned the country to centre stage after more than a decade in the wings. This week’s turbulence aside, the stock market has boomed, consumers have been spending and growth looks like picking up. Abroad, Japan is commanding attention. There are three things to say about this reversal: two are mostly positive and the third seriously negative. When the Japanese prime minister tips up at next month’s meeting of the Group of Eight advanced industrial nations, it is a fair bet his fellow summiteers will want to get to know him. The same could not have been said of his recent predecessors.
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