In response to an FT article by Henny Sender and Leo Lewis on 13th April 2016, entitled 'Abenomics cheerleader warns on negative rates'
“The oblique but unusually critical comments from Nobuchika Mori, a former cheerleader of the country’s Abenomics growth programme, come as central banks across the globe face a backlash, and in some cases unintended consequences, over the unorthodox monetary policy of negative rates"
The ersatz Japanese recovery since 2012, and the fuel that has kept the Ponzi scheme from collapsing, has been the bull market in Neo-Keynesian nonsense promoted by Abe, sponsored by Mr. Kuroda and given intellectual 'credibility' by Professor Krugman.
Policymakers are beginning to 'go intellectually short' Abenomics. This will accelerate as an increasing number of them wake up to the inevitable failure of this idiocy, and start to distance themselves from it. Give it a couple of years and you won't be able to find anyone who will admit to ever thinking it was a good idea - except the three stalwarts mentioned above:
Abe will blame Mr. Kuroda; Mr. Kuroda will blame the 'deflationary mindset' of the Japanese people, and Professor Krugman will say they didn't do enough.
Within the next few months the new bear in ‘central bank bull’ will be moving on to Frankfurt.