It was around autumn 2012 that Japan ramped up its central bank balance sheet dramatically. Notably, that's also when their GDP peaked in dollar terms, and their stock market had its generational bottom. Japan serves as an example that what's going on economically can be very different than the stock market.

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Great point ,the BOJโ€™s balance-sheet surge marked a turning point for risk assets, even though GDP never recovered. A reminder that liquidity cycles often matter more to markets than growth cycles
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