Rising exports and trade surpluses have always been vital to Japan. And reconstituting them is a cornerstone of Abenomics. But that plan has totally gone to heck.
Home prices hit a slick $1,000,000, while soaring office rents blow up enterprises with real business models. It’s crazy. It’s powered by hot money from around the world. Then comes the moment when the hot money evaporates.
Spreads between short-term and long-term Treasuries at lowest since Financial Crisis. Buyers will be punished. So the mystery: “Who the heck is still buying?”
