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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Yorikke who wrote (3194)1/29/2001 3:36:54 PM
From: John Pitera  Read Replies (2) of 33421
 
So Far the Nikkei Average is holding above it's low of early 1999. It's a bit early to know if this is a double
bottom, and also part of a longer term bottoming formation but the sentiment is very negative on Japan.

futures.tradingcharts.com

Many Japanese are among the most bearish.

Mori says full economic recovery in place : Speaking over the week end Japanese PM Mori said his country was "now putting in place a structure that will ensure full economic recovery and clear the negative legacy of the bubble economy". He went on to say FY2001 growth is forecast to rise to the "point just short of a full recovery of potential growth ability." whatever that means. Putting the political rhetoric aside we would note that today's consumer confidence data showed negative income growth for the first time in 2-years whilst employment conditions fell for the first time in a year and a half. This followed last week's data showing a much larger than expected 5.4% y/y drop in large scale retail sales, a lower than expected -0.2% m/m contraction in Jan Tokyo CPI. Japan is still in the grips of deflation and its getting worse. IF the Fed engineers a soft landing there is a hope for Japan, if not radical action will be called for, options are very limited and largely confined to printing money.
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