The junta that seized power in Thailand last spring promised economic stability. To that end, Sommai Phasee, the finance minister, had urged the central bank to trim interest rates when it met today, but it kept them at 2%. The economy certainly needs perking up: data released yesterday showed that Thai exports fell for a second year, despite a December boost due partly to a government sell-off of stockpiled rice. Imports also declined by nearly 9% year-on-year, reflecting persistently weak demand. Meanwhile, as oil prices slump, inflation may fall below the central bank’s target range of 1-4%. Fears of deflation and continuing low growth stalk not just Thailand but Asia, not least because of dampened Chinese demand. The worry now is not that the junta has failed to meet its promise of stability, but that it has succeeded—and this is what it looks like.