ECONOMICS: Just how real are Japan’s money woes?*

Since the last issue of News Weekly, the Australian Financial Review has carried a couple of important items. One, a news piece, concerned Australia’s current account, and the other, a longer feature on Japan, appeared in the Friday Review section of the paper.Two vastly different items, though in important respects, closely connected and of special relevance to Australia and to the way it looks at Japan.The news that Australia’s current account deficit had taken yet another turn for the worse s…

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