There is no ’fiscal cliff’ in Japan – a simple AS-AD analysis
There is no ’fiscal cliff’ in Japan – a simple AS-AD analysis It is now very clear that what Milton Friedman advocated the Bank of Japan should do back in the mid-1990s – to expand the money base to get Japan out of deflation – is in fact working. Nominal spending growth is accelerating and with it deflation has come to an end and real GDP growth is fairly robust. However, some have been arguing t
Mr. Kuroda’s credibility breakdown
This morning the Nikkei index has dropped has much as 6%. By any measure this is an extreme drop in stock prices in one day. Furthermore, we are now officially in bear market territory as the Nikkei is down more than 20% in just three weeks. I can only see one reason for this and one reason only and that is the breakdown of the credibility of Bank of Japan governor Kuroda and his commitment to ful
Mr. Kuroda please ‘peg’ inflation expectations to 2% now
Mr. Kuroda please ‘peg’ inflation expectations to 2% now Bank of Japan governor Kuroda came off to a good start when he announced his strategy for taking Japan out of 15 years in the beginning of April – the yen weakened, the Nikkei rallied and most importantly inflation expectations started to inch up. However, over the past two weeks Mr. Kuroda’s efforts have run into trouble. The Nikkei has tum
Japan: It’s domestic demand, stupid
I have been reading the reports on the Japanese trade data for April, which have been published this morning. The reporting is extremely telling about how most journalists (and economists!) fail to understand what is going on in Japan (the markets understand perfectly well – Nikkei is nicely up this morning). In nearly all the reports on the data there is a 90% focus on the fact that exports grew
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The Kuroda boom remains all about domestic demand
“Whatever it takes to get deflation” (Stealing two graphs from Marcus Nunes)
Kuroda still needs to work on communication
Euro crisis on a napkin
Chuck Norris beats Wolfgang Schäuble