Anytime I moderate a discussion on Japan, I ask panelists this: If Shinzo Abe were sitting before you now, what steps would you recommend the prime minister take to hasten Japan's resurgence?

Almost without fail, each mentions his or her favorite elements of the "third-arrow" reforms Abe's already pledged. This phase of his plan, which focuses on deregulation and some degree of structural reform, is the most vital. With the first two — monetary expansion and fiscal stimulus — having been fired, the emphasis is now supposed to shift to lower business taxes, looser labor regulations and better corporate governance.

At which point, I press panelists: "OK, but what's next? What's your fourth arrow?" Typically, I get blank stares.