Fitch are less than enamoured about Abe’s third arrow saying that it might lack the range to hit his growth target and that Japanese debt is still vulnerable to policy slippage and shocks.

“The policies included in the new economic “Growth Strategy” approved by the Japanese cabinet on 24 June, add detail but may still be insufficient to bridge the gap between the economy’s lacklustre track record and government’s ambitious growth targets.”

They do see Japan’s growth for 2014 at 1.6%, slightly higher than the market’s 1.5%