Up, up and Nikkei

It is always easier to spot turning points in retrospect. Chelsea Football Club sacked its manager last week and pundits have poured over the club's recent history to find the crucial moment when his failings as a coach were made manifest. Losing the European Cup to a team of the pedigree of Manchester United is no disgrace. But, what was surely unacceptable to the club's fans and its billionaire Russian owner was a toothless exit from the FA Cup in the quarter-finals at humble Barnsley. One

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