On Tuesday evening in Tokyo, with Donald Trump’s threat to eradicate “a whole civilisation” hanging in the air, a litre of petrol in some parts of the capital cost ¥157 ($1): lower than it was before the first bomb fell on Iran in February.
That weirdness is helpful. The situation is becoming exactly abnormal enough for the Bank of Japan to normalise interest rates at long last.
At the end of April and barring a very significant escalation in the Middle East, there is a good chance that the BoJ will move its policy interest rate a quarter point higher to 1 per cent. Sniff the bouquet and roll it around the palate: this is the vintage the monetary one-o-philes have been waiting for.
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