Ten years from now the new gambling district in Japan, wherever it will end up being built, could be on the way to becoming the new Macau. As of last week, Japans parliament surprisingly legalized gambling in the island nation, despite the fact that opinion polls show that the Japanese public is against it. So why legalize it? In order to stimulate the stagnant Japanese economy.
Japans economic policy has long been deeply into Keynesian-type megastimulus schemes, far more than any other modern country on the planet. Japan has the highest debt to GDP ratio of any nation on Earth at 230%, a central bank balance sheet expansion since the tenure of Shinzo Abe that looks truly insane, and an aging population that hasnt grown since the turn of…
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