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Why markets misjudged Japan

With both the stock market and currency back to levels prevailing when Japan fired off its monetary bazooka 3 months ago (having rallied 30% and depreciated 10% respectively in the subsequent 6 weeks), have markets given up on the power of ‘Abenomics’ to deliver? There are three reasons to suggest that they have not. Firstly, markets mis-priced the timing of the impact from the policy measures. Recall that the April meeting went further and deeper than anyone had anticipated at the time. The ...