Fascinating how politicians, commentators, and the markets alike are in constant search for the turnaround. It seems that even after almost two years of slide, it is still difficult to take in the magnitude, depth, and length of the crisis.
Amidst all the talk of optimism and rebounding markets, consider this picture of the Japanese export dynamics from today's FT. Remember those times a year - year and a half ago when we were still debating whether the East Asian region will 'decouple'?
Of course, one could argue that Japan is different, the ultimate trump card in any macro conversation. If so, what about the German business confidence? Spooky how the two are almost identical.