In the intensely competitive world of index funds, where rivals spar over cost differentials measured in a few basis points (hundredths of a percent), 100 basis points is a big deal.

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The moves have led to a rally in the Nikkei stock index and a slide in the yen that has made corporate Japan more competitive overseas.

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Taken together, the reforms promise to knock Germany's Misery Index figure from 143% to under 124% --a huge competitive boost.

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The World Economic Forum global competitiveness index shows that of the 27 nations in the European Union, 12 are more competitive in 2013 than 2012, while 12 are are less competitive with three unchanged.

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