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February 04, 2008


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PITY Toshihiko Fukui, the governor of the Bank of Japan (BoJ). He has signalled with semaphoric precision that he wants to tighten monetary policy. After six years of keeping interest rates at zero while the countryPolo Ralph Lauren clawed its way out of a recession and banking crisis, the BoJ raised rates in July 2006 and Februarlebron viiiy 2007 but they remain at a paltry 0.5%. Mr Fukui had wanted to “normalise”Japan's rates before handing the reins to a successor in March. Butthe economy is being disobliging.

In its latest semi-annual economic outlook, releasjuicy couture outleted on October31st, the BOJ said that the Japanese economy is “expanding moderately”. Put more frankly, the recovery is extremely fragile. Housing starts have dr

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