While we go ahead and make the utterly scary similarities between the US and Japan, the playing field does indeed remain wide open given recent means of monetary policy….but it doesn't change the situation. Since the decline of US rates we have seen the “risk on/risk off” carry correlations unwind dramatically with the Japanese Yen strengthening well beyond what many could have anticipated years ago.
Dave Rosenberg below, with some very colorful charts.
Sushi with Dave (Dave Rosenberg, Jan 11)
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I don't buy it. The American economy is more dynamic than Japan's.
(I'm not American)
Quickly noted its rare he puts something together like this without any "counter-intelligence", showing the other side of the coin, but it is a compilation that's unique in its own sense. You are certainly not alone in your thought here though.