Is Japan really back?

The mainstream media and institutional investors are all going wild for Japan, says Chris Mayer in The Daily Reckoning. And there certainly seem to be strong indications that economic conditions are improving. But can something so popular really be a good investment?

When Rakuten, Japan's largest online shopping mall, quietly acquired a piece of the Tokyo Broadcasting System and announced its intention to merge TBS in Rakuten, it created quite a stir in the Land of the Rising Sun.

This sort of thing was not supposed to happen in Japan. Instead, a kind of forced stability was the hallmark of Japan's economy. It was supposed to be devoid of the more freestyle elements of Anglo-American capitalism, such as takeovers and mergers. But that era is over.

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