Are The Japanese Losing Faith? Yen Crashes Near Record Lows Against Gold

31 years ago, the Japanese stock market hit a record high. It remains 38% below that high (not adjusted for inflation), crushing the global narrative that ‘buy and hold’ in stocks works « over the long run. »

Source: Bloomberg

Are the Japanese losing faith in their stock market?

7 years ago, Shinzo Abe launched the three arrows of Abenomics, promising that by drastically expanding the Bank of Japan’s balance sheet and buying every ETF and bond available would prompt a resurgence in the Japanese economy and crush the so-called « deflationary mindset. »

Source: Bloomberg

As is clear from the explosion in the BoJ’s balance sheet relative to the Japanese GDP, Abenomics has been a dismal failure.

Are the Japanese losing faith in their economy and its economic overlords omnipotence?

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