Japan’s Prime Minister Shinzo Abe published an editorial last night on the World Economic Forum stating that he sees Japan on the precipice of strong wage gains after more than a decade of stagnation. The PM feels strongly about this positive development in Japan after recent meetings with government business and labor leaders. Moreover he feels that the 5-trillion-yen fiscal-stimulus plan should far outweigh the negative effects of the planned sales-tax increases in Japan. Also overnight we heard comments from IMF Managing Director Christine Lagarde. She stated that the Fund intends to upgrade its outlook for global economic growth in the next 3 weeks.
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