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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Don Green who wrote (19230)5/16/2017 6:39:02 AM
From: John Pitera4 Recommendations

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HI Don, I think what is confusing you about Japan is the even though they have a debt to GDP of 250%...... it is money that the Government owes to the Japanese citizens. The Japanese are some of the most prolific savers in the world (right up there with the Germans) and this trend has really been accentuated since the collapse of the huge asset bubble that took the Japanese Market down from 40K at the end of 1989... and saw the overpriced assets around the world such as Rockefeller Center, Pebble Beach, the Corporate headquarters buildings of XOM, Mobil, Citibank, Chase Manhattan, Chemical Bank, another dozen real trophy buildings in NYC and many other assets.... including the world's highest prices for a series of Art works such as Van Gogh's Irises etc which ended up in the Getty collection in LA.

The Japanese citizens learned to believe in deflation after watching 15 to 20 years of the unwind of the bubble.

Thus the Japanese have become very thrifty and prolific savers. Japan is again the largest holder of US government debt. The Japanese Post office Pension entity is one of the world's largest savers . Japanese citizens have significantly more money in savings and banking accounts than most other developed market countries.

So the Japanese situation is different than a country like Italy, Greece or France where so much of the debt is owed to overseas holders.

John
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