Japan...

"Japan is growing again and, for the first time in a dozen years, it's adding more to global growth than it's subtracting" - William Pesek, Bloomberg. Japan's national debt is "170% of GDP", and their credit rating is "lower than Botswana."

I have two comments on this. 1. Japan is finally contributing to global growth because their banks are healthy again. This will fuel liquidity and possibly inflation. 2. China will not make the same mistake Japan made. They will continue to keep their currency lower than the dollar until they get rich enough to reverse the trade deficit.