Until last week, the double act of levitation and leverage at the heart of Abenomics seemed to be working flawlessly.
The price of golf memberships, the archetypal metric of the bubble years, was up. So was the stock market – a 70 per cent move up in six months. And so was the price of electricity for households. In other words, both asset price inflation and real world inflation finally appeared to be taking hold.
Yet it is an odd time in Japan. Some at the country’s central bank fear the 2 per cent inflation target will not be achieved, that it is too ambitious. The markets fear the yen may not fall enough to trigger a real revival of exports – the only real growth engine Japan has ever had.
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