They come in with a tremendous bang, then go out with barely a whimper, and leave us in the very same jam that kicked off the cycle. Having since completely squandered rather than simply losing an entire decade, we must first remember Haruhiko Kuroda’s February 2013 appointment to lead Japan’s central bank was enthusiastically welcomed. A known dove, he was just what former Prime Minister Shinzo Abe wanted for the first and primary of his three reform arrows.
The nomination was greeted as shock and awe. The Nikkei stock index had been surging from hope over Abenomics, and by early 2013 it had rebounded to its highest level since all that 2008 stuff when aspirations for this monetary potential sent it way over the top. Among my favorite quotes from that time, “We are essentially gapped up because of the Kuroda thing.”
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