Based on Professor Takeo Hoshi's analysis, Abenomics's "Third Arrow" is a government-led industrial policy, not the deregulation push it's often portrayed as. Its vague goals and lack of concrete metrics distinguish it from Margaret Thatcher's privatization-focused approach, and it appears to prioritize national power over the well-being of individual citizens.

The recent steep fall in the stock market is, to me, merely a symptom of a deeper malaise, reflecting the inadequacies of Japan's elite. Japan's current leaders aspire to make the nation "normal," yet they stubbornly employ outdated and discredited methods. This approach fundamentally ignores the fact that Japan's Uniqueness is precisely what makes it exceptional and resilient. Indeed, the current state of so-called 'normal' nations hardly serves as an appealing benchmark.