This morning, in an understated way (of course) ahead of the G-20 group-hug at the end the week, Economic and fiscal policy minister Akira Amari stated [6]"It will be important to show our mettle and see the Nikkei reach the 13,000 mark by the end of the fiscal year (March 31)." This level for the Nikkei implies a USDJPY level of 104.75 (or a further 12% devaluations for here). However, there is a strong correlation between the USD-JPY exchange rate and the S&P 500-to-Nikkei 225 relationship. Based on that 104.75 target (and the toungue-in-cheek belief that this will help Japan's competitiveness - which means someone else has to suffer), the ratio of the SPX to NKY would be 8.7x. So while the Nikkei would see a 17% surge (in nominal value), the S&P 500 would lose 3-4% from here.
Amari (and implicitly Abe) want 13,000 by the end of March - which is simply a Birinyi-Ruler linear extrapolation of the current move - this implies a USDJPY rate of 104.75...
and a USDJPY rate of 104.75 implies a NKY to SPX ratio of 8.7x...
which leaves the S&P losing as the NKY wins big.
It would appear that while Bernanke and Draghi prefer to lookon happily at their nominal market improvements, the Japanese seem to not give a toss that their policy is so explicitly about raising the nominal value of their stocks:
“We want to continue taking (new) steps to help stock prices rise” further, Amari stressed, referring to the core policies of the Liberal Democratic Party administration — the promotion of bold monetary easing, fiscal spending and greater private sector investment.
Not everyone can win in global currency wars.


