In the past fortnight, however, that judgment has been overtaken by events in South Korea and Japan, events which have doubled the drama but quadrupled the seriousness.

ECONOMIST: Reality hits Japan

The deregulation kabuki drama also includes the "break-up" of Japan's telecommunications giant, NTT.

CNN: Misreading Japan

The drama in Washington and other capitals is almost the exact replay of that confused policy debate in Japan.

ECONOMIST: On the debt crisis, Egypt