Authored by Nomi Prins via The Daily Reckoning,
I’ve just wrapped up a long trip to Japan. And I’ve taken away one lesson from all of my conversations, speeches and research: The rise of nationalism in the U.S. will cause massive shifts in global trade alliances.
One of the main beneficiaries will be Japan. Now, Japan might not be on your radar, day-to-day, but it’s about to play a very important role in the world of Donald Trump.
Japan's long and sordid dance with unconventional monetary policy continues. With most analysts expecting a 'nothingburger' from Kuroda (though some hinting at the potential for shock-and-awe), The BOJ delivered... nothing - no change. However, most critically, the BOJ admitted defeat of deflation and delayed the timing of reaching their 2% inflation goal to around FY2019.
No change to policy:
Nikkei Asian Review's William Pesek wonders if the BoJ is about to shock the markets again as pressure is mounting on Kuroda to save Abenomics...
Masaaki Shirakawa could be forgiven for some Schadenfreude. In March 2013, the then-Bank of Japan governor was shown the door by a prime minister who felt he had not eased monetary policy enough. Now his successor is starting to worry about his own job security.
Authored by Brendan Brown via The Mises Institute,
Another new week, another day with not much going on. So much, or rather little so, that in its daily wrap Citi starts off with the following: "Pop Art pioneer Andy Warhol, who once said “I like boring things”, would have been a huge fan of today’s session thus far. Though several events of note linger on the horizon for later this week, G10 is firmly on the beach as of this morning."