There is a rising roar of bulls stampeding to the Japanese stock market. Whether due to Abe’s apparent “this time it’s different” cratering of the JPY to aid exports (and avoid deflation) or just plain old momentum (as the Nikkei 225 is nominally up almost 8% in January). However, just a little reminder that this return is priced in those increasing worth-less JPY. For all those exuberant overseas investors eying the gains, the reality is that, in USD, Japan’s stock market is almost perfectly Unchanged since 12/28 – Currency Wars indeed…

Marketing Japan: Great work, Abe… Deeper in debt and nothing to show for it except the destruction of the purchasing power of the yen.)