Outside of the eurozone, the strength of the United Kingdom’s recovery and the Bank of England’s soft forward guidance have led to similar “unwarranted” increases in interest rates, which the BoE, like the ECB, seems unable to prevent in the absence of more muscular action. In Japan, the policy uncertainty concerns whether the third arrow of Abenomics – structural reforms and trade liberalization to boost potential growth – will be implemented, and whether the expected rise in the consumption tax in 2014 will choke economic recovery.