Via Horseman Global’s Russell Clarke:
Japan pioneered many of the monetary policies that we now find common in the Western world. Despite the Bank of Japan (“BOJ”) taking monetary policies to ever more extreme levels, including negative interest rates and very large purchases of Japanese government bonds, the Nikkei still languishes well below the all-time highs set in 1989. Despite the BOJ’s best efforts, the Nikkei still has a tendency to move with employment.
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