The announcement was made with impeccable timing: on Halloween, which is increasingly popular with adults in Japan.
Japanese corporations no longer even try to invest in Japan, but they’re falling all over each other grabbing the Bank of Japan’s freshly printed dough to invest it overseas.
Just before Christmas when no one was supposed to pay attention, Japanese Prime Minister Shinzo Abe and his ministers agreed on a budget for fiscal 2014. It’s a doozy. Instead of slowing down the fiscal fiasco, Abenomics is speeding it up. With an elegant solution.
“The JGB market is dead,” announced with finality Tetsuya Miura, chief bond strategist at Mizuho Securities, one of Japan’s 23 primary dealers that have to bid on government securities. It had been “sacrificed” by the Bank of Japan, said another industry heavyweight.