Japan’s decision to jettison negative interest rates is rich in symbolism. Deflation, which dogged the economy for a generation, has been dispatched. Workers are finally enjoying meaningful wage increases. Policymakers are no longer required to be defensive when they explain their country’s outlook. After a few false dawns, the nation has climbed out the hole it fell into after the property industry collapsed three decades ago. You might even think this marks the end of a certain exceptionalism.
