Pronoun creating ambiguity

Which direction do you go to arrive at the correct meaning?




Japan isn't happy about the yen's allure. It threatens to push the economy back toward deflation.

The above adjoining sentences are taken from an article in a popular English daily.

The first word "It" in the second sentence is referring to 'Japan' or 'yen's allure'. Can you know for sure? Apparently, it can represent both thus causing ambiguity.

Not a single country would like to push its economy back toward deflation which has, therefore, to be caused by a certain event - yen's allure in this instance.

Hence, the correct message is better reflected in this case in one sentence as Japan isn't happy about the yen's allure which threatens to push the economy back toward deflation.

If ignorance is bliss, why aren't more people happy?
-- Anonymous