Happy Anniversary Japanese Bull Market! It's been a wonderful year! Happy Anniversary market anticipation of Japanese reflation! The market almost believes [for now] that you might succeed without destroying the entire edifice! Happy Anniversary to the official end of the "Yen is a Safe Haven" meme!We were five weeks late getting to the changed reality but when a 2x4 hits us between the eyes we can take the hint and get as wildly exuberant as the next guy:
Ignoring Kyle Bass, this was an absurd hiding place - even by the measure of absurd hiding places. Happy anniversary to the discovery by investors that Japanese assets were cheap beyond compare! Unfortunately, most of you didn't accumulate them when they were cheap, only to find that they were rather difficult to accumulate when many others wish to do the same.
Happy Anniversary to the re-weighting of Japanese equities in Global portfolios! Hope you've been hedging the FX exposure! Happy Anniversary to Japanese HF TTM returns! They have made veritable heroes out of people previously almost-embarassed to say they had anything remotely to do with Japanese equities. And a very very special Happy Two-Year Anniversary wish commemorating the Olympus Corporation Surrender. Their capitulation and subsequent revelations of twenty-years and nearly $2bn of "pass-the-parcel" deceptions to hide spec trading losses, culminating in the most stupid and comedic plan to finally dispose of the hidden red ink, will be remembered as the crowning achievement of Zaitech. (See here for my long-form account that few have had the patience to read - Free beer for engaging comments!)...MORE
Dec. 17, 2012
Japan's Nikkei is In the Early Stages of an Historic Move
By January 11, 2013 we were reprising a 2010 post with:
"No typo: Analyst sets Nikkei 63 million target" (it's Société Générale's Dylan Grice)
And you know what? He's right.
