Just a quick note: I thought it might be worth doing an Irons-Bivens plot for Japan (and, to be honest, I wanted to see if I had finally managed to trick a spreadsheet into labeling the data points!). So here it is (data from IMF WEO database): So, Japan has had high debt and low growth since the mid-90s — in other words, since the economy entered deflation. Do you really want to argue that the de