...as prelude to the linked article - Japan and the Ancient Art of Shrugging from the Sunday NYT ...Some background, paraphrased from Seeking Alpha...
The Nikkei recently closed under 9,000, 77% below its final price in December 1989 0f ~38,900
The yen just hit a 15-year high against the dollar and 9-year high against the euro. A richly valued yen is a big negative for Japan's export-based economy.
Japan has been trying to grapple with its real estate and stock market bubbles from the 1980s for over twenty years now. Its approach has been a zero interest rate policy (ZIRP) and an unending serious of stimulus programs (it was recently announced yet another one is being considered).
The United States is currently following these same failed policies, but Washington is expecting that somehow they will work here.
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