The Incredible Shrinking Benefits Of Massive Japanese Money Printing
Excerpted from JPMorgan CIO Michael Cembalest 2016 Outlook,
Something is wrong with this picture. In the US and Japan, corporate profits sank during the global financial crisis. In the US, the profit recovery was accompanied by a recovery in household income. In Japan, however, corporate profits and household income moved in opposite directions, as dynamics that helped profits recover did not help consumers.