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Big exporters, such as Honda and Toyota, continue to benefit from the sizable devaluation in the yen that Abenomics has engendered.
The debate on the causes of the 2001 crisis (which included a sizable devaluation, a debt default and a confiscation of banking deposits) mimic the larger one on Argentina's long-term decline.
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And these are sizable.
Devaluation of the franc.
"Sure, there was devaluation.
This isn't devaluation.
But they are sizable.
Meanwhile, devaluation would fuel inflation.
They need a currency devaluation.
"Devaluation would be unimaginable chaos.
So devaluation risked financial chaos.
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CEO of Professional Science Editing for Scientists @ prosciediting.com