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Red Sole Shoes recession hover close to it

Posted Jan 03 2013 6:45am

In the days before Japanese went toChristian Louboutinthe polls, Beijing also sent a surveillance plane over the area, marking the first time since 1958, according to Japanese officials, that Bejing had intruded into "Japanese airspace." Japan scrambled F-15 jets in response.The islands are uninhabited,Stilettosbut the seas around them may be rich in oil and gas. There is also a Falklands factor at play here. Not giving in to the other side is a matter of national pride. There's plenty of history between China and Japan -- not much of it good.As China has built up its ability to project military power, Japan's navy has also expanded. Even a low-level incident could lead to an escalation. And asGianmarco Lorenzithe islands are currently administered by Japan, the U.S. would have an obligation to help the Japanese defend them.Few analysts expect conflict to erupt, and both sides have plenty to lose. For Japan, China is a critical market, but Japanese investment there has fallen sharply in the past year. Just one in a raft of problems for Abe. His prescription for dragging Japan out of its fourth recession since 2000 is a vast stimulus program to fund construction and other publicRed Bottomsworks and a looser monetary policy.The trouble is that Japan's debt is already about 240% of its GDP, a much higher ratio than even Greece. And Japan's banks hold a huge amount of that debt. Add a shrinking and aging population, and at some point the markets might decide that the yield on Japan's 10-year sovereign bond ought to be higher than the current 0.77%.So the world's third-largest economy may not help much in reviving global growth, which in 2012 was an anemic 2.2%, according to United Nations data.The parts of Europe not mired in Red Sole Shoes recession hover close to it, and growth in India and Brazil has weakened.

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