For anyone with memories of Britain in the 1970s, Abenomics is like a trip through the looking-glass. Instead of reining in credit growth, Japanese policy makers are trying to prod borrowers and lenders out of their torpor. Rather than preventing capital flight through exchange controls, the government of Shinzo Abe, prime minister, is pressing for big increases in overseas investment by Japan’s Godzilla-sized public pension fund. Far from fighting demands for higher wages, it is encouraging them.

In the 1970s, British prime ministers would invite union leaders and heads of industry to Number 10 Downing Street to thrash out wage deals over beer and sandwiches.

Mr Abe has yet to invite Japan’s equivalents to sushi and sake at his official residence, but he has let it be known that the government wants to see higher wages next year.