Here's the economics bit: if those periphery countries are going to become more competitive, without a currency depreciation, it follows that their domestic prices and wages need to fall, relative to German ones, and their domestic consumption needs to grow more slowly than their net exports.

BBC: Plan B for the eurozone?

During his campaign, Mr. Abe argued that the Yen is overvalued and that currency depreciation is needed to make Japanese exports more competitive.

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