Flat On Its Back
The report and the reaction to it spoke volumes. First, analysts did not have to bother reading between the lines of the BOJ pronouncement, which was unusually straightforward in a culture famed for indirectness. Second, the report did not land as a bombshell, because markets had been expecting it all week. In fact, the view of world markets on the prospect of major, disruptive reform in Japan has shifted 180 degrees since Prime Minister Junichiro Koizumi sacked his “gradualist” FSA chief on Sept....