Commentary: Finally, Japan Lets A Sinking Ship Sink

Japan's newly reelected government has made the smartest financial decision of its brief political life. On July 12, it backed away from a controversial plan to bail out Sogo Co., an ailing department store chain, with $1.8 billion of taxpayers' money. Immediately, Sogo filed for protection from creditors, to whom it owes over $17 billion, and became Japan's second-largest corporate bankruptcy ever.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.