Japan Full Frontal: Charting Abenomics So Far
From ZeroHedge:
Curious how Abenomics is progressing six months after its
announcement? These charts courtesy of Diapason should provide a
convenient status update.
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And some accompanying thoughts from author Sean Corrigan of Diapason Commodities Management
So the new man at the BOJ, Harohiko Kuroda, has hit the ground
running, announcing a package of wild monetary nostrums beyond even the
imaginings of the most cynical, the nub of which will see him act to
double the monetary base of Japan by buying (mostly, but not
exclusively) government debt—with no restrictions as to maturity—to the
tune of around 30% of current GDP.
Though much has been made of the fact that the new man will soon be
outgunning even Ben Bernanke in relative terms, few have considered that
the rate of increase will be less than that effected by the SNB, while
the target value of ~60% of GDP will do no more than match that achieved
by the supposed monetary guardians of the equally thrifty Swiss, so the
move is not exactly unprecedented. So far – and we emphasize that the
jury has by no means reached its final verdict in this case – Bern has
not managed to ignite a domestic conflagration to ravage the foothills
of the Alps, so it might just be that the Tokyo touchpaper turns out to
be attached to a similarly damp squib....MORE
