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Strategies & Market Trends : John Pitera's Market Laboratory
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To: John Madarasz who wrote (5316)12/19/2001 11:46:53 AM
From: John Pitera  Read Replies (1) of 33421
 
thanks John.... As I had mentioned here the Financial Times had some articles a few weeks ago that were
suggesting that Japan could try to kick start their economy by buying foreign bonds, It got some of the Japanese
talking more openly about this, including some of their govt. officials. Today they did not ease via purchasing
foreign bonds but it could still happen in the future.. Interesting briefing snippet on this.....

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we would note that while the bank decided not to ease monetary policy via foreign bond purchases, there remains a good deal of external pressure to use this mechanism to combat deflation. Earlier this month, we highlighted the OECD's support for foreign bond purchases, a function of its concerns about the impact on an already battered Japanese banking sector from a further expansion of the JGB bubble. Just yesterday, the IMF weighed in with its world economic outlook, noting that the BoJ needs to make a concerted effort to combat deflation, even if it means weakening the yen. Of course, while we concede that yen weakness may offer some near-term help for Japan, competitive devaluation will only exacerbate the structural weakness in the economy, further dampening Japan's very necessary transition to a post-industrial economy.
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