Prime Minister Shinzo Abe's approach to reviving the Japanese economy employs 'three arrows' - (1) quantitative easing (to reverse deflation and weaken the yen), (2) fiscal stimulus (to promote investment and growth), and (3) structural reforms (to increase competitiveness and sustain corporate profit expansion). This far, investor attention has been primarily on the Bank of Japan's quantitative easing. Increasingly, however, with the BOJ having 'done its part,' we think the focus will shift to whether Abenomics is working. We think the successful implementation of all three strategies is necessary to remain long-term bulls on Japan and maintain our overweight exposure.

David Fuller's view I think subscribers will find this issue to be a useful review of Japan. There is also an interesting comment on commodities and the historic chart offers perspective.