Nothing says it’s better to be lucky than good (knock on wood, LDP) than the state of the Japanese financial industry, whose difficulties in the 90s and early 00s have put it in position to snap up choice real estate occupants—actually pieces thereof. Among other things, this puts the Aso administration in the position of claiming that Japan is in an exceptional position within the G-7 and that it would not have to resort to the extreme measures that other OECD member countries have to undertake. Now normally, the Japanese authorities would be the first major financial market to be put to the test. However, this Monday happened to fall on a national holiday, so the markets will only open on Tuesday. In the meantime, the inexorable rotation of our planet has forced the U.K., Germany, and France to come up with multi-hundred billion dollar rescues plans for their financial institutions. This coordinated effort has pushed up the Monday financial markets worldwide, giving more confidence to the Aso administration to come out on Monday and claim that LDP-New Komeito coalition’s management of the post-bubble economy has enabled Japan to position itself to weather the fallout better than any of its OECD colleagues.
Maybe it is better to be lucky than good after all.