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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Henry Volquardsen who wrote (5554)	4/11/2002 9:30:00 AM
From: John Pitera	Read Replies (1) of 33421

Hi Henry, reflecting back on your post from two months ago, how do you think Japan is making out in their attempt to break out of their Sargasso Sea of Inaction? I was surprised to see that the Monetary Base in Japan had grown 27.5% in the 12 months ending this February. Yet in reading the WSJ page one story on BOJ chief Hayami on March 27th, It seems like he is unwilling to commit to a full-scale reflation and depreciation of the Yen. Message 17295050 As I had mentioned "Very interesting how 77 year old BOJ head Hayami lived through the raging 200% hyperinflation of Post WWII Japan and this shaped his monetary outlook much as the Weimar republic Hyperinflation of the early 1920's has for a two generation of German central Bankers. It has created a cognitive dissonance for Hayami. He can not fully embrace a full scale reinflation of the Japanese economy, even though many economists and market strategists feel that a Total reinflation is that most expedient way out of Japan's Economic Quagmire.' Of course with him being 77 years old, we can say he will not be running the BOJ forever. John

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