It’s never not going to be a horrible time for a catastrophic earthquake, but from an economic perspective the timing of the earthquake is especially cruel.That’s because for the first time in a while, things were looking better. To start, the Nikkei was (prior to the earthquake) one of the hottest markets in the world.
But beyond that the underlying economy was on the mend.
Today the country reported February industrial production rising 0.4%, well above the -0.3% that was expected.
Yesterday, joblessness hit a 2-year low.
Obviously that’s all going to change now, as business disruptions continue to pile up. Any believers of the broken window fallacy who think there’s some good to come from the earthquake should realise that the turnaround was already in progress.
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