What’s happening in Japan? We ask because, in the race to financial catastrophe, Japan is ahead of us. And this week in the Financial Times Japanese prime minister Shinzo Abe gave us an update. You may recall, dear reader, that Abe came into office on a reform ticket. He had three arrows, he said. One for fiscal policy. One for monetary policy. One for other things that were never clearly identified but nevertheless needed to be killed. As bold as he is dumb, Abe has let his arrows fly. Among his achievements so far, he claims his monetary arrow hit its mark.