The world is all perversity. The worst that could happen to investors is stronger global growth, producing weak financial markets. That will happen if Japan picks up this year at the same time as core Europe, and there is a continued boom in the US.
I think synchronized global growth is only 40% likely this year. It’s more likely the Japanese authorities will have to use their last policy option, a massive and continued yen depreciation, to kick-start their economy, so Japan’s recovery will be delayed until next year.
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