Japan’s revenge

Over at Project Syndicate, Thomas Palley outlines the argument about how the yen carry trade is fuelling global asset bubbles — although Finance Minister Omi denies that Japan's low interest rates are the cause of the carry trade.Aside from rehearsing the standard arguments about how Japan's barely-over-zero interest rates contributes to global instability and the …

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UN tells Japan to tend its own garden

That's the message one could conclude from criticism of Japan by the UN Committee Against Torture, calling attention to Japan's justice and prison system, and even criticized Japan for dismissing comfort women cases on the grounds that the statute of limitations had expired.As the FT's David Turner writes:The report comes at an embarrassing time for …

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Cyber war against Estonia?

This New York Times story, "Estonia Computers Blitzed, Possibly by the Russians," strikes me as pregnant with implications that reach far beyond the Russo-Estonian dispute over the removal of a Soviet monument commemorating the "Great Patriotic War."The Times reports that Estonian officials have blamed Russia for a series of attacks on its government websites, although …

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