Meanwhile, as JGB yields have nearly tripled Tepco (of Fukushima notoriety) was and still is essentially bankrupt but its stock has rallied over 500%. This is the quality of the capital deployment going on in Japan…rallying lots of less than desirables by over 500%.
Perhaps this is one of the reasons that this drop on the Nikkei projects 11,500 and 11,000 in short order.
Last but not least, Japan must roll over hundreds of trillions in maturing JGB’s…this will be no small feat and will likely further drive up yields, especially if the distrust of BOJ policies continues to create unstable and higher yields.
