As 2014 begins, efforts to revive growth in the world's most influential economies — with the exception of the eurozone — are having a beneficial effect worldwide. All of the looming problems for the global economy are political in character.
After 25 years of stagnation, Japan is attempting to reinvigorate its economy by engaging in quantitative easing on an unprecedented scale.
It is a risky experiment: faster growth could drive up interest rates, making debt-servicing costs unsustainable. But Prime Minister Shinzo Abe would rather take that risk than condemn Japan to a slow death. And, judging from the public's enthusiastic support, so would ordinary Japanese.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.