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Dollars of japanese bonds each month to try to move from deflation to inflation, taking a cue from federal policies under ben bernanke. the second was stimulation. these two arrows were designed to shock the economy out of its stasis. then came the announcement of the third arrow and it turned out to be a rubber dart. it announced a series of tiny reforms and some attempts by government to boost certain industries. what was missing is what japan desperately needs, real reforms that open up the economy and make it friendly for business. monitoring and fiscal stimulus are great, but the path to sustained growth is to get the economy to be more competitive and more productive. for instance, the economist magazine points out that unless a japanese company is actually going out of business, it cannot fire any of its workers. japanese economists have long ....