We are changing from what was purely a restructuring policy, to what we call a focus-and-growth policy.

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Optimism is justified not on hope, but on evidence that when the disasters struck many Japanese companies were already achieving significant advances in productivity, sales, and profitability, as a result of restructuring and policy efforts begun in the wake of the 2008 global downturn.

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In fact, there is reason to worry more about government policy than about the ills of restructuring at the moment.

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"Lack of cost adjustments, lack of corporate restructuring and lack of policy mindset are the three biggest worries going forward, " he says.

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Unsecured creditors who hold CDSs might prefer default to a lengthy restructuring: to them, the insurance policy is worth more than the house.

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Undertake, in cooperation with universities and research institutes, policy research and sector studies for the reform or restructuring of national science, technology and innovation systems as part of the economic reform or structural adjustment programmes of Member States.

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Hashimoto has earned kudos for his "Big Bang" reforms, which involve restructuring the nation's economy, fiscal policy and finance sector.

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But, there is no reason why policy can't be proactive and stimulate the growth of restructuring as a private sector enterprise.

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But the general approaches--investing in productive resources, opening up to competition and restructuring, properly promoting exports, maintaining stable and reliable public policy--attend all successes.

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The departure of Sir Gus O'Donnell, the country's top civil servant, was announced this week: part of a Big Bang restructuring, which shows how anxious the prime minister is to expedite policy delivery.

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Bernanke will persist in his ZIRP policy to prop up politically connected economic zombies, and official Washington will do everything possible to prevent a needed economic restructuring from taking place.

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