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Archive for the ‘Uncategorized’ Category

Swiss Interest Rates Plunge To Negative Out To 50 Years

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By Tyler Durden

With the short-end of the Swiss yield curve yielding below -100bps, it was only a matter of time before things went entirely mad at the long-end and today for the first time in history Swiss 50Y yields have tumbled below zero (trading as low as -2.7bps) as US Treasury yields tumble to fresh record lows.

As Bloomberg notes, rising concern about the outlook for economic growth and inflation effectively means that investors are paying the Swiss government for the privilege of lending to them out to 50 years.

Britain's vote to leave the European Union has darkened the economic outlook beyond Britain's shores and increased investor demand for safe-haven government bonds, even when the yield is below zero.

That's because investors expect further interest rate cuts and monetary easing from central banks around the world in response to the increased uncertainty.

“It's a reflection on the very bad prospects for the European and global economy,” said Ciaran O'Hagan, senior rates strategist at Societe Generale in Paris.

“Bond yields are driven by inflation and growth, but there's no inflation and there's no growth. The economy is built on confidence, and if there's no confidence there's no economy,” he said.

Which – obviously -means the entire Swiss government bond curve is now below zero…

This won't end well.

Charts: Bloomberg

…read more

Source: Swiss Interest Rates Plunge To Negative Out To 50 Years

    

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Posted July 5th, 2016 in Uncategorized.

A Look Inside Europe’s Next Crisis: Why Everyone Is Finally Panicking About Italian Banks

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By Tyler Durden

Back in May 2013, we wrote an article titled “Europe’s EUR 500 Billion Ticking NPL Time Bomb” in which we laid out very simply what the biggest danger facing European banks was: non-performing, or bad, loans.

We further said, that “Europe’s non-performing loan problem is such an issue that there is increasing bluster that the ECB may take this garbage on to its balance sheet since policymakers realize that bad debts and non-performing loans (NPLs) reduce the capacity of banks to lend, hindering the monetary policy transmission mechanism. Bad debts consume capital and make banks more risk averse, especially with respect to lending to higher risk borrowers such as SMEs. With Italy (NPLs 13.4%) now following the same dismal trajectory of Spain’s bad debts, the situation is rapidly escalating (at an average of around 2.5% increase per year).

The conclusion was likewise simple:

“The bottom line is that at its core, it is all simply a bad-debt problem, and the more the bad debt, the greater the ultimate liability impairments become, including deposits. As we answered at the time – the real question in Europe is: how much impairment capacity is there in the various European nations before deposits have to be haircut? With Periphery non-performing loans totaling EUR 720bn across the whole of the Euro area in 2012 and EUR 500bn of which were with Peripheral banks.”

Now, three years later, the bomb appears to be on the verge of going off (or may have already quietly exploded), and nowhere is it more clear than in an exhaustive article written by the WSJ in which it focuses on Italy’s insolvent banking system, and blames – what else – the hundreds of billions in NPLs on bank books as the culprit behind Europe’s latest upcoming crisis.

To be sure, nothing new here, although it is a good recap of the Catch 22 Italy finds itself in: from the WSJ’s “Bad Debt Piled in Italian Banks Looms as Next Crisis“

Britain’s vote to leave the EU has produced dire predictions for the U.K. economy. The damage to the rest of Europe could be more immediate and potentially more serious. Nowhere is the risk concentrated more heavily than in the Italian banking sector. In Italy, 17% of banks’ loans are sour. That is nearly 10 times the level in the U.S., where, even at the worst of the 2008-09 financial crisis, it was only 5%. Among publicly traded banks in the eurozone, Italian lenders account for nearly half of total bad loans.

Years of lax lending standards left Italian banks ill-prepared when an economic slump sent bankruptcies soaring a few years ago. At one major bank, Banca Monte dei Paschi di Siena SpA, bad loans were so thick it assigned a team of 700 to deal with them and created a new unit to house them. Several weeks ago, the bank put the bad-credit unit up for sale, hoping a foreign partner would speed the liquidation process.

The headquarters of Banca Monte dei …read more

Source: A Look Inside Europe’s Next Crisis: Why Everyone Is Finally Panicking About Italian Banks

    

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Posted July 5th, 2016 in Uncategorized.

Bank Of England Unveils First Easing Measures After Brexit

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By Tyler Durden

The Bank of England lowered capital requirements for UK banks Tuesday in an effort to shore up the UK economy, saying that it “strongly expects” banks to support the economy with fresh loans in the wake of Brexit.

In its first official easing act, the Financial Policy Committee lowered the countercyclical-capital buffer rate for UK exposures to zero from .5% of risk-weighted assets in a move that it said would raise the capacity for bank lending to households and businesses by as much as £150 billion. “This action reinforces the FPC’s view that all elements of the substantial capital and liquidity buffers that have been built up by banks are to be drawn on, as necessary” the committee said in a statement.

More from the WSJ

The BOE’s decision marks one of the first instances of a major central bank deliberately lowering bank capital requirements to maintain growth in credit to offset an economic shock. Lower capital requirements allow banks to finance loans and other assets with more borrowing and less equity.

The bank’s move will be closely watched as a test case of the new “macroprudential” regulatory regime adopted in the U.K. and other advanced economies after the financial crisis. The BOE gained broad new powers over the financial system and an explicit goal of safeguarding financial stability. It has spent the past few years bolstering lenders’ financial strength.

Officials warned Tuesday that the stability of the U.K. financial system faces multiple threats in the wake of the Brexit vote. The BOE said it has already detected signs in stock markets and commercial real-estate markets that foreign investors are pulling money out of the U.K. A real-estate fund managed by Standard Life Investments on Monday suspended withdrawals following a spate of redemption requests.

The BOE said some overstretched households might struggle to service their debts if the economy lurches downward. And officials warned that the outlook for the global economy has darkened.

Still, officials stressed the financial system is stronger now than it was in 2008 and 2009, when British taxpayers had to bail out stricken lenders and credit dried up. They also flagged that banks have parked collateral with the BOE sufficient to access more than £250 billion of funding if they need it.

“The FPC has monitored these channels of risk closely. There is evidence that some risks have begun to crystallise. The current outlook for UK financial stability is challenging” the report said, identifying five channels through which the referendum could increase risks to financial stability.

From the report:

The Committee had identified the following channels through which the referendum could increase risks to financial stability:

  • the financing of the United Kingdom’s large current account deficit, which relied on continuing material inflows of portfolio and foreign direct investment;
  • the UK commercial real estate (CRE) market, which had experienced particularly strong inflows of capital from overseas and where valuations in some segments of the market had become stretched;

Posted July 5th, 2016 in Uncategorized.

From Monica To Loretta – The Clintons Corrupt Absolutely

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By Tyler Durden

Authored by Michael Goodwin, originaly posted at The New York Post,

She can’t help herself. Even yesterday, with the political world fixated on her meeting with FBI agents, Hillary Clinton had her flack mislead the public.

A spokesman said she gave a “voluntary” interview, which is true only because she agreed to talk instead of waiting to be subpoenaed. The flack also said she was “pleased” to assist the gumshoes.

Who believes she was “pleased” to be interviewed by the FBI in a criminal investigation that could upend her life?

But that’s the way the Clintons roll.

Wherever they go, whatever they do, ethics are trashed and suspicions of criminal conduct follow them like night follows day.

It’s who they are and it’s self-delusional to believe another stint in the White House would make the Clintons better people. Power exacerbates rather than cures an absence of integrity.

Yet there’s another dimension to their chronic crookedness, and it gets insufficient attention even though it might be more important to the nation’s well-being.

It is that, in addition to being personally corrupt, the Clintons are corrupters. They are piggish users, with the people and institutions around them inevitably tarnished and sometimes destroyed even as the Clintons escape to their next scam.

Monica Lewinsky is a prime example, and Loretta Lynch is the latest. The attorney general’s dumbfounding decision to meet privately with Bill Clinton while the FBI investigates Hillary’s handling of national secrets stained Lynch’s reputation and added to public mistrust of the Justice Department.

Lynch didn’t create that mistrust — she was supposed to be the antidote. Her predecessor, Eric Holder, was a left-wing activist who used his role as the nation’s chief law-enforcement officer to further his and Obama’s political agenda.

That role earned Holder an undesired distinction. His refusal to cooperate with Congress on the disastrous Fast and Furious gun sting led to a bipartisan vote in the House holding him in criminal contempt, the first time in history a sitting Cabinet member ever faced such a censure.

Lynch, as his successor, was handily confirmed by the Republican-controlled Senate, with her steady, firm demeanor and solid record as a prosecutor carrying the day.

Yet her lifetime of good work and the hope for a fresh start at Justice are now overshadowed. She acknowledges the meeting with Bill Clinton was a mistake, and pledged to accept the recommendation of FBI agents and career prosecutors on whether Hillary should face charges.

That’s not enough, not nearly enough, given the circumstances and stakes.

While Lynch offers no explanation as to why in the world she agreed to the 30-minute meeting on a plane in Phoenix, perhaps she felt she owed the former president something. Remember, he first nominated her to be the US attorney in Brooklyn in 1999, a promotion that changed her life.

After his presidency, she went to a top private law firm, and became a member of the Federal Reserve Bank of New York. Bill Clinton had been very, very good to her, and without his boost, she probably wouldn’t even have …read more

Source: From Monica To Loretta – The Clintons Corrupt Absolutely

    

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Posted July 5th, 2016 in Uncategorized.

Istanbul Turns Into A Ghost Town As Tourism Collapses

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By Tyler Durden

In the aftermath of the tragic suicide bomber attacks at Istanbul's Ataturk Airport, Turkey's biggest city now feels like a ghost town.

Restaurants sit empty in the Sultanahmet tourist district, and five-star hotel rooms can be booked for bargain prices. As AFP reports, in better times, the queues outside the Hagia Sophia (a former mosque and church that is now a museum) might have stretched an hour or longer at this time of year, today you can walk straight in and share the place with just a smattering of other visitors.

“It's disastrous. All my life I've been a tour guide, most of us have come to a turning point where we don't know if we can go on. It's tragic.” said Orhan Sonmez, hopelessly offering tours of the Hagia Sophia.

Analysts say the attack on Istanbul's airport may have been a deliberate attempt to weaken the Turkish state by hitting its tourist industry, and it appears to be working. The United States, Germany and several other countries have warned their nationals against threats in Turkey, and to make matters worse, the TAK, a radical Kurdish group that has carried out several attacks in Turkey this year has also warned foreign tourists to stay away.

This development comes at a time when Turkey had just suffered its worst drop-off in visits in 22 years in the month of May, which was down 35% from a year ago. The tourism industry, which according to AFP brings in over $33 billion a year, is now in a free fall.

Part of the downturn was driven by a Russian ban on Turkish package holidays, but the ban has since been lifted, providing at least a small relief for the industry.

Those that are still visiting say they are enjoying the peace and quiet, while taking a more philosophical approach as AFP puts it. “This could happen in any city, it's an unlucky lottery. The people are really friendly, and I really think I'll come back and spend some more time here.” said Nessa Feehan, a visitor for Ireland.

However, the situation is still dire for many who depend on tourism to make a living.

“If it goes on like this, many shops will close. I'm thinking of moving to America, I can't make money here.” said Ismail Celebi, an owner of a jewellery shop. Even though large Chinese tour groups are still arriving, Celebi says “It's not enough, we need Americans, we need Europeans.“

“Even I'm afraid to come to work here” Celebi went on to say.

* * *

These recent security concerns as well as the economic hits that Turkey has endured as a result of the attacks and overall tension in the region are key factors in President Recep Tayyip Erdogan's pivot to a softer approach in an attempt to strengthen diplomatic ties. As we reported last week, Erdogan even apologized to Vladimir Putin for the death of a Russian pilot, and even called Russia a “friend and a strategic partner.”

"China Is Headed For A 1929-Style Depression"

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By Tyler Durden

Authored by Sue Chang via MarketWatch.com,

Andy Xie isn’t known for tepid opinions.

The provocative Xie, who was a top economist at the World Bank and Morgan Stanley, found notoriety a decade ago when he left the Wall Street bank after a controversial internal report went public. Today, he is among the loudest voices warning of an inevitable implosion in China, the world’s second-largest economy.

Xie, now working independently and based in Shanghai, says the coming collapse won’t be like the Asian currency crisis of 1997 or the U.S. financial meltdown of 2008.

In a recent interview with MarketWatch, Xie said China’s trajectory instead resembles the one that led to the Great Depression, when the expansion of credit, loose monetary policy and a widespread belief that asset prices would never fall contributed to rampant speculation that ended with a crippling market crash.

China in 2016 looks much the same, according to Xie, with half of the country’s debt propping up real-estate prices and heavy leverage in the stock market — indicating that conditions are ripe for a correction.

“The government is allowing speculation by providing cheap financing,” Xie told MarketWatch. China “is riding a tiger and is terrified of a crash. So it keeps pumping cash into the economy. It is difficult to see how China can avoid a crisis.”

A longtime critic of Chinese economic growth

Xie’s viewpoints have at times attracted unwelcome attention. In 2006, when he was a star Asia economist at Morgan Stanley, a leaked email to colleagues in which he said money laundering was bolstering growth in Singapore led to his abrupt departure from the bank.

In early 2007, he termed China’s surging markets a “bubble” that could lead to a banking crisis,” and in 2009 he likened them to a “Ponzi scheme.”

Xie, who is from China but was educated at — and earned a Ph.D. from — Massachusetts Institute of Technology, has said Chinese authorities have tried to characterize him as an American spy sent to disrupt their markets after his 2007 prediction. China’s consulate general in San Francisco and its embassy in Washington did not reply to requests for comment.

While he now works independently, Xie’s opinions on Asian affairs remain influential. He writes regularly for the South China Morning Post, among other publications, in May saying China is running a “gigantic monetary bubble that has corrupted virtually every corner of the economy.”

Xie “is a respected economist,” said Huawei Ling, managing editor of Caixin Weekly and a John S. Knight Journalism Fellow at Stanford University. “I appreciate his consistency and his analysis on China’s economic issues,” she said.

His 2007 forecast, meanwhile, turned out correct. Soon after his prediction, the Shanghai Composite Index started plunging. After hitting a peak of 6,092 on Oct. 19, 2007, it fell below 2,000 over the next 12 months.

Years before hedge-fund managers like Kynikos Associates founder Jim Chanos turned bearish and George Soros predicted a hard landing, …read more

Source: "China Is Headed For A 1929-Style Depression"

    

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Posted July 5th, 2016 in Uncategorized.

Three Charts Show How Precious Brexit Is for Gold and Silver

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By GoldCore

Brexit_gold_silver

Gold and silver have been the standout winners in the fallout from Britain’s decision to leave the European Union according to Bloomberg. They have compiled three charts showing how “precious” Brexit is for gold and silver.

Investors seeking a haven from volatile currencies and equities pushed prices of the metals to a two-year high. With central banks pledging more stimulus to prop up markets (the Bank of England may cut interest rates within months and traders have reduced odds on the Federal Reserve raising rates), the appeal of owning non-yielding assets like precious metals has increased.

Gold has climbed 6.2 percent and silver 11 percent since the June 23 referendum, outperforming global stocks, bonds and currencies, including those also often bought as a haven.

“Macroeconomic risk and geopolitical risk were already setting gold and silver up for a good year – the Brexit fall out has just been the icing on the cake,” said Mark O’Byrne, a director at brokerage GoldCore Ltd. in Dublin. “These metals will continue to outperform as market conditions remain unstable.”

See full article here

Gold and Silver News
Gold Climbs 1.3% on Week and Silver Soars 10.1% (Coin News)
Gold inches up, silver passes $20 threshold at near 2-yr highs (Reuters)
Gold Posts Longest Run of Gains in Two Years on Stimulus Bets (Bloomberg)
Silver scores biggest weekly jump in almost 3 years (DJ Marketwatch)
Gold heads for fifth week of gains and silver soars (Reuters)

Best And Worst Performing Assets In June And Q2 (Zerohedge)
How the UK’s vote affected Irish shares, sterling, bond prices and safe-haven gold (Irish Times)
Precious Metal Pandemonium – Silver Spikes Limit-Up, Gold Surges As China FX Basket Hits Record Low (Zerohedge)
500 Tons of Gold That Show Global Rise in Investor Angst (Bloomberg)
Read More Here

Gold Prices (LBMA AM)
04 July: USD 1,348.75, EUR 1,213.07 & GBP 1,016.42 per ounce
01 July: USD 1,331.75, EUR 1,199.51 & GBP 1,001.34 per ounce
30 June: USD 1,317.00, EUR 1,183.59 & GBP 976.82 per ounce
29 June: USD 1,318.00, EUR 1,191.64 & GBP 984.36 per ounce
28 June: USD 1,312.00, EUR 1,185.79 & GBP 985.84 per ounce
27 June: USD 1,324.60, EUR 1,200.49 & GBP 996.36 per ounce
24 June: USD 1,313.85, EUR 1,181.28 & GBP 945.58 per ounce

Silver Prices (LBMA)
04 July: USD 20.36, EUR 18.31 & GBP 15.36 per ounce
01 July: USD 19.24, EUR 17.29 & GBP 14.48 per ounce
30 June: USD 18.36, EUR 16.48 & GBP 13.61 per ounce
29 June: USD 18.21, EUR 16.42 & GBP 13.55 per ounce
28 June: USD 17.57, EUR 15.84 & GBP 13.17 per ounce
27 June: USD 17.70, EUR 16.06 & GBP 13.40 per ounce
24 June: USD 18.04, EUR 16.32 & GBP 13.18 per ounce

Recent Market Updates
– BREXIT Day – Markets Becalmed – Gold Panic Prelude – Trading Hours
– Gold Lower Despite “Panic” Due To …read more

Source: Three Charts Show How Precious Brexit Is for Gold and Silver

    

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Posted July 5th, 2016 in Uncategorized.

The Price Of Silver Explodes Past 20 Dollars An Ounce As The European Banking Crisis Deepens

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By Michael Snyder

Silver Coins 2 - Public Domain

Have you seen what the price of silver has been doing?  On Monday, it exploded past 20 dollars an ounce, and as I write this article it is sitting at $20.48.  Earlier today it actually surged above 21 dollars an ounce for a short time before moving back just a bit.  In late March, I told my readers that silver was “ridiculously undervalued” when it was sitting at $15.81 an ounce, and that call has turned out to be quite prescient.  The Friday before last, silver started the day at $17.25 an ounce, and it is up more than 18 percent since that time.  Overall, silver is up more than 30 percent for the year, and that makes it one of the best performing investments of 2016.  So what is causing this sudden surge in the price of silver?  This is something that we will discuss below…

This sudden spike in the price of silver has definitely caught a lot of analysts off guard.  Some are suggesting that the fact that the Fed is now less likely to raise rates after the Brexit and the fact that the dollar has been slipping a bit lately are the primary reasons for silver’s rise…

This isn’t a gradual increase either. It’s an explosive growth spurt. Just three months ago silver had reached an 11 month high. Now silver prices have reached a 23 month high. Several factors appear to be influencing these gains, including a weakening dollar, and the fact that the Fed may cut interest rates in light of the Brexit vote.

Personally, I don’t buy those explanations.

To me, the continuing implosion of major banks over in Europe is the main factor that is driving investors to safe haven assets such as silver.

Rumors continue to spread that Deutsche Bank is essentially insolvent at this point, and many are watching for the imminent collapse of the largest and most important bank in Germany.  When this happens, it will be a much, much more cataclysmic event for the global financial system than the collapse of Lehman Brothers was back in 2008.

But today I want to focus on the ongoing implosion of the major banks in Italy.

Italy has the 8th largest economy on the entire planet, and their banks are drowning in approximately 400 billion dollars worth of non-performing debt.

The Italian government would like to bail these banks out, but the rest of the EU appears ready to block that effort because it would violate EU rules.  As a result, the big Italian banks experienced a bloodbath on Monday…

Italy’s Banca Monte dei Paschi di Siena SpA BMPS, -13.99% closed down 14%. The move came after a report that the European Central Bank is pushing the lender to draft a new plan aimed at reducing non-performing loans.

Other Italian bank shares were lower, with Banca Popolare dell’Emilia Romagna BPE, -6.73% down 6.7%, Intesa Sanpaolo SpA ISP, -3.04% off 3% and Banca Popolare di Milano SpA PMI, -1.40% lower by 1.4%.

And these …read more

Source: The Price Of Silver Explodes Past 20 Dollars An Ounce As The European Banking Crisis Deepens

    

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Posted July 4th, 2016 in Uncategorized.

Something Huge Is Coming From Japan

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By Tyler Durden

Japan inflation July 16

Submitted by John Rubino via DollarCollapse.com,

Pretend, for a minute, that your country responds to the bursting of a credit bubble by borrowing unprecedented amounts of money and using it to prop up banks and construction companies. This doesn’t work, so you create record amounts of new money and push interest rates into negative territory in an attempt to devalue your currency. But this – amazingly – doesn’t work either. Your currency soars and the inflation you’d hoped to generate never materializes.

Now what? Is there even anything left to try, or is it simply time to stand back and let the current system melt down? Those are the questions facing Japan, and the answers are not obvious. Here, for instance, is its inflation rate two years into the largest major-country money creation binge since Wiemar Germany:

Deflation is to be expected and even desired in a well-run country where debt is minimal, money is sound and rising productivity makes things continuously cheaper. But in an over-indebted financial system, deflation is death because it magnifies the debt burden and raises the odds of an existentially threatening financial crisis. To continue to borrow money under such circumstances is to court disaster. And yet Japan is still at it:

What we’re witnessing, in short, is a catastrophic loss in the currency war. Contrary to every mainstream economic theory, debt monetization and full-throttle currency creation have resulted in a rising yen and falling prices. Here’s an excerpt from a recent — and really gloomy — Financial Times analysis of Japan’s situation:

It’s time for investors to admit it: Abenomics has failed

The past few weeks have not been happy ones for many central bankers — and none more so than Haruhiko Kuroda, the hapless governor of the Bank of Japan. That is because the threat of moving rates deeper into negative territory and buying up even more assets has done nothing to weaken the yen down as he desires. Brexit, which briefly sent the yen beyond the ?100 mark against the dollar on Friday, is a fresh headwind.

The Bank of Japan is likely to move rates from negative 0.1 per cent to minus 0.3 per cent come the end of July, increase its holdings of ETFs from ?3.3tn to ?6.3tn as well as its purchases of Japanese Reits from ?90bn to ?200bn, economists at JPMorgan in Tokyo predict.

With the yen ever stronger, Abenomics and the desired impact of central bank policies are going into reverse. The irony is that these policies, which were meant not to change traditional Japan but to revive it, are likely to end up wounding it — perhaps irreparably.

Abenomics was never about real reform. Instead, it was merely meant to weaken the currency, undercutting competitors like Korea and China and allowing Japan Inc to more easily export its cars and other manufactured goods to the rest of the world.

Since corporate profits for the last three years were only ever about currency translation gains, these are now …read more

Source: Something Huge Is Coming From Japan

    

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Posted July 4th, 2016 in Uncategorized.

Something Huge Is Coming From Japan

Find The Lowest Price HERE


By Tyler Durden

Japan inflation July 16

Submitted by John Rubino via DollarCollapse.com,

Pretend, for a minute, that your country responds to the bursting of a credit bubble by borrowing unprecedented amounts of money and using it to prop up banks and construction companies. This doesn’t work, so you create record amounts of new money and push interest rates into negative territory in an attempt to devalue your currency. But this – amazingly – doesn’t work either. Your currency soars and the inflation you’d hoped to generate never materializes.

Now what? Is there even anything left to try, or is it simply time to stand back and let the current system melt down? Those are the questions facing Japan, and the answers are not obvious. Here, for instance, is its inflation rate two years into the largest major-country money creation binge since Wiemar Germany:

Deflation is to be expected and even desired in a well-run country where debt is minimal, money is sound and rising productivity makes things continuously cheaper. But in an over-indebted financial system, deflation is death because it magnifies the debt burden and raises the odds of an existentially threatening financial crisis. To continue to borrow money under such circumstances is to court disaster. And yet Japan is still at it:

What we’re witnessing, in short, is a catastrophic loss in the currency war. Contrary to every mainstream economic theory, debt monetization and full-throttle currency creation have resulted in a rising yen and falling prices. Here’s an excerpt from a recent — and really gloomy — Financial Times analysis of Japan’s situation:

It’s time for investors to admit it: Abenomics has failed

The past few weeks have not been happy ones for many central bankers — and none more so than Haruhiko Kuroda, the hapless governor of the Bank of Japan. That is because the threat of moving rates deeper into negative territory and buying up even more assets has done nothing to weaken the yen down as he desires. Brexit, which briefly sent the yen beyond the ?100 mark against the dollar on Friday, is a fresh headwind.

The Bank of Japan is likely to move rates from negative 0.1 per cent to minus 0.3 per cent come the end of July, increase its holdings of ETFs from ?3.3tn to ?6.3tn as well as its purchases of Japanese Reits from ?90bn to ?200bn, economists at JPMorgan in Tokyo predict.

With the yen ever stronger, Abenomics and the desired impact of central bank policies are going into reverse. The irony is that these policies, which were meant not to change traditional Japan but to revive it, are likely to end up wounding it — perhaps irreparably.

Abenomics was never about real reform. Instead, it was merely meant to weaken the currency, undercutting competitors like Korea and China and allowing Japan Inc to more easily export its cars and other manufactured goods to the rest of the world.

Since corporate profits for the last three years were only ever about currency translation gains, these are now …read more

Source: Something Huge Is Coming From Japan

    

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Posted July 4th, 2016 in Uncategorized.

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