Japan beats recession but the good news ends there

Sluggish growth, lack of expansion and failing 'three-arrow strategy' in the world's third largest economy may prompt a currency war

Japan is out of recession. After two quarters in which the economy contracted, growth resumed in the final three months of 2014.

However, that was the end of the good news for the prime minister, Shinzo Abe. Growth remains sluggish. There was no expansion at all in 2014. The much-vaunted "three-arrow strategy" is proving a bit of a flop.