It's almost as though there's too much good news in Japan.
So much that some investors are starting to expect the Bank of Japan to lay groundwork for easing off its stimulus — and the central bank is falling over itself to convince them that policy is not going to change anytime soon. My how things have changed!
Instead of talking up the economy and the chance that deflation might be licked, the BOJ is engaged in a concerted effort to slap down market moves that imply some withdrawal of stimulus may be on the horizon. Policymakers seem petrified by the idea of a stronger yen and the risk it could undo progress on inflation.