Is there anything that the Bank or the government might have done, back in 2010, to make the path of adjustment any faster or easier?

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As was pointed out recently in the Nihon Keizai Shimbun by Koizumi-government economics minister Takenaka Heizo, what is missing in the proposal is any adjustment in pension benefits or other measures to manage its costs.

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The proposed regulations provide that if a taxpayer sells an interest in an S corporation or partnership interest on the installment method, any adjustment to net gain is computed in the year of sale and is taken into account proportionately as each payment is received and gain is recognized.

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And it is why no policy adjustment, short of debt cancellation or hyperinflation, will make any damned difference.

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Automatic or independent fiscal-policy adjustment (on top of so-called automatic stabilisers that operate in any case) may be difficult to develop.

ECONOMIST: Economics focus: Remember fiscal policy? | The