Japan's economic house is now in much better order
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Japan's first interest-rate increase in 17 years marks the end of the world's longest zero interest-rate policy and validates a decade of structural change in the country's economy. Japan's recent GDP growth has been modest but not far below that of Australia or the U.S. Japan's nominal GDP has outgrown China's for the first time in 46 years. The Bank of Japan's next challenge will be to pull back from stocks and bonds. Japan's stock market rally can outlast negative interest rates. Japan's corporate bankruptcies have hit a 9-year high with the end of COVID lifelines. Japan's manufacturers' business mood has dropped for the first time in a year. Japan has avoided a recession as strong capital expenditure boosts Q4 GDP.

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https://asia.nikkei.com/Opinion/Japan-s-economic-house-is-now-in-much-better-order