Both cyclical and structural trends in trade are worrying for Japan.

FORBES: Mounting Japan Trade Deficits Raise Urgency of TPP, Japan-China-Korea, and Asean+6 Trade Talks

If and when oil exports and trade imbalances next reach a cyclical peak, it may make sense to park surpluses in low-risk assets until the boom subsides.

ECONOMIST: The flows are neither as big nor as scary as they once seemed

Doorstep lending, or home credit as it is termed by the trade, is a counter-cyclical business: in a downturn, bad debts pile up, blackening credit histories.

ECONOMIST: New competition means doorstep lenders are in trouble

Structural policy adjustments have played a role in some countries, but the improvement also reflects cyclical effects, in particular the relatively weak cyclical position of many advanced economies and movements in terms of trade.

WHITEHOUSE: The Los Cabos Growth and Jobs Action Plan

Indeed, Mr. Osborne seems so confident that the slump is largely cyclical, the result of a euro crisis-induced slump in net trade, rather than structural that last month he flatly rejected a Bank of England recommendation to recapitalize the banks to purge the system of bad debts.

WSJ: U.K. Is New Recruit on Europe's Sick List