"It’s difficult to see the fall stopping today," warned one Japanese equity strategist and rightly so as Japan's broad TOPIX idnex just entered a bear markets (down 20% from the August 2015 highs). With the Nikkei well below 17,000, Kuroda is due to speak at the Diet today as Japanese corporate bond risk surges to 20-month highs.
TOPIX enters Bear Market
And now the Nikkei:
- *JAPAN'S NIKKEI 225 EXTENDS DECLINE FROM JUNE HIGH TO 20%
And Japanese corporate bond risk is surging - up 3.5bps to 87bps - the highest in 20 months...
Get back to work Mr. Kuroda!!
- *JAPAN'S PARLIAMENT CONFIRMED KURODA'S APPEARANCE
We just have one quick question - how does the government explain to its citizenry that foircing GPIF to go all-in Japanese stocks and corporate credit was a terrible idea and their retirement funds are FUBAR?