One objection to “Abenomics”, the reflationary creed adopted by Japan’s new government, is that it will erode hard-earned savings. Instead of simply grabbing them over the weekend – as has become fashionable in certain parts of Europe – the government hopes to siphon them off gradually through gentle inflation.

This is a dastardly plan. It is unlikely to prove popular with the over-60s, who make up a quarter of Japan’s population, but who control two-thirds of its vast household assets. It is a good idea all the same.

The reason for welcoming this intergenerational theft is that, for 20 years, Japan has prioritised the interests of older generations over younger ones. That is not only unfair. Penalising youth is also not the best way to build a nation’s future. Taxing the old through inflation is one way to redress what has been a long squeeze of one generation by another.