Bottom Line: Abenomics had an impressive start, but the structural reform agenda has bogged down, raising questions about whether macro policies alone can float the Japanese economy. Against the back…

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that unless Japan begins to undertake structural economic reforms, its growth will be almost entirely dependent on easy money, increasing global economic tensions in 2015.

Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that summer has seemingly brought a new optimism about the Russian economy. Russia’s economic downturn is coming to an end, and markets have outperformed amidst global turbulence. But the coming recovery is likely to be tepid, constrained by deficits and poor structural policies, and sanctions will continue to bite. Brexit-related concerns are also likely to weigh on oil prices and demand. All this suggests that Russia’s economy will have a limited capacity to respond to future shocks.

Bottom Line: The crisis in Venezuela continues to escalate, with no recovery or relief in sight. A messy and chaotic default looms, and the rescue will likely involve a tough adjustment program, larg…