Word: japanned
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...early night, it turned out, was well advised, for at 4:30 a.m. press secretary Robert Gibbs was forced to wake the president from his slumber. North Korea had launched a long-expected test missile into the Sea of Japan, in violation of a U.N. Security Council resolution. (See TIME's photos of the Obama-Sarkozy meeting in Strasbourg...
...saying the rocket bore nothing more than a communications satellite. With six U.S. cruisers equipped with Aegis anti-missile systems deployed in the region - to watch and gather intelligence, not fire on the rocket, Pentagon officials had said late last week - North Korea sent the Taepodong II rocket over Japan and into the Pacific Ocean. That, by itself, meant the launch for Pyongyang was a success: two years ago, an earlier version of the same long-range rocket broke up shortly after the launch. "It means they have a long-range rocket that works," says retired U.S. Lt-Gen. Henry...
...Japan's economy contracted at an annualized rate of 12.1% in the last quarter of last year - the sharpest downturn since the oil crisis of the mid-1970s. Tokyo is working on an additional stimulus package - the country's third in the last six months - that is expected to pump at least $100 billion more into the economy...
...spending your way out of crisis has its limitations. Next year, Japan's public debt is expected to rise to 197% of GDP, according to the Organization for Economic Cooperation and Development (OECD). That would make Japan's debt ratio the highest among OECD nations and nearly twice that of the U.S. "If they spend money without reform, they can get growth," says Curtis. "But they will just increase the deficit and it won't be sustainable...
...shown itself to be imperfect. He went on to talk about the benefits of increasing economic competition with the U.S. "That's not a loss for America," he said of the economic rise of other powers. "It's an appreciation that Europe is now rebuilt and a powerhouse. Japan is rebuilt, is a powerhouse. China, India - these are all countries on the move. And that's good...