The unveiling by Shinzo Abe, Japan’s new prime minister, of “Abenomics” – with its pillars of monetary easing, fiscal stimulus and structural reform – has apparently impressed the markets so much that the yen has fallen against leading currencies and Japanese stocks have moved sharply higher.
Of the three pillars, expectations are high that aggressive monetary easing by the Bank of Japan will pull the economy out of its deflationary spiral.
But the fact that the market has moved so much without a single shot being fired by either the central bank or the government begs the question: how much of this is hype and how much is justified?
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