May 02/14 – Japan’s controlled devaluation

Some market commentators have likened Japanese Prime Minister Abe’s recent economic reforms to rearranging deck chairs on the Titanic. I think the analogy is not at all appropriate. After all, 705 people from the Titanic survived. No one with Japanese assets is going to survive. Everyone is going to lose, the only question will be how much.

Japan’s econo…