I have to confess that when my alma mater Morgan Stanley announces earnings, it still tugs at the heart strings. We endlessly outperformed expectations, but laughed because we knew there were tons of latent profits sitting on the back books. The stock would rocket to trade at a luxurious five times book. We were the invincible Masters of the Universe.

The great puzzle in Japanese security policy is why despite the consensus within the LDP in favor of a more robust, independent security and persistent worries about North Korea and China among the public at large Japan has failed to spend more — or the same — on defense and made legal and doctrinal changes that would enable Japan to meet threats originating from its neighbors...

For Japan, the 1990s are commonly referred to as the "lost decade." Those that know me are aware that I look beyond that and actually regard a quarter-century as the appropriate "lost" duration...