The Nikkei index has been racing up in the past couple of months. This reversal has been based on a cacophony of optimism about Japanese recovery. As a result, the yen has also rocketed upwards against the US dollar and the euro.
I reckon this optimism is misplaced and so is the yen’s strength. Consumers underpinned Japan’s first two quarters of real GDP growth, contributing 0.5% points and 1.1% points to total growth of 0.1% year on year and 1.1%
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