Japan’s shrinking economy led Prime Minister Aboe to call for elections in December.  Most economists thought the economy would grow in the last quarter.

An increase in the consumption tax in April has been blamed for the slide.  Abe announed that he was postponing raising this tax again until 2017.

Some economists have noted that the Japanese are not spenders and it is difficult to nudge them to buy in any case. Most QE moves are an effort to help people consume more.