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With Japan’s stock market surging even before Prime Minister Shinzo Abe unveiled his plans for economic stimulus, we would have expected the usual anti-stimulus critics to be silent, at least for a while. But no. Already we hear the usual complaints — more printing of money, more public debt, more baramake (waste) and so on.

Even the constructive comments are unappetizing. They support the Abe call for more quantitative easing and for the Bank of Japan inflation target to be lifted to 2 percent. But they downplay the fiscal policy side of the equation. Most assume that public debt levels should prevent any significant increase in government spending. Yet such spending is crucial for creating the demand this economy so desperately needs.

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