Abenomics has over-promised and under-delivered

``Abenomics has over-promised and under-delivered. Japanese Prime Minister Shinzo Abe's bid to revive anaemic growth, reverse falling prices and rein in government debt has relied too heavily on the central bank and been sideswiped by a global slowdown. Keeping the project alive now requires fresh boldness... The true bombshell, as championed by former UK regulator Adair Turner, would be for the central bank to effectively write off the government debt it owns by converting it into interest-free bonds. That would spur growth by loosening the shackles on the state, which would no longer have to worry about fiscal rectitude. And it would embolden households to spend more, knowing tax hikes were not looming ahead.'' -- Ah yes, destroying the currency so overtly that import prices skyrocket; what could possibly go wrong? It's not like Japan imports anything...