It is a truth universally acknowledged, that an economy in possession of a strong labour market must be in want of a central bank, as Jane Austen might have said, had she had the fortune to be a securities analyst rather than an acute observer of manners.
Japan is in this position. The most commonly-used ratio to describe how weak or strong demand for labour is in Japan is called the job offers to applicants ratio. As the name suggests, this compares...
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