....Ironically, one entity that was not concerned about showing was China's rating agency Dagong, which in the aftermath of the ridiculous witch hunts against both S&P and Egan-Jones, has become the only credible source of realistic ratings. As was to be expected, a few hours ago Dagong downgraded Japan from A+ to A, with a negative outlook.
Among other things, Dagong said the Abe administration’s economic policies would "critically exacerbate the fiscal situation and cannot solve the entrenched problems constraining national wealth creation capability", that Abe's policies will "critically exacerbate the fiscal situation and cannot solve the entrenched problems constraining national wealth creation capability and that "the economy will remain in a "prolonged slump" causing the risk of sovereign credit crisis to rise.Hardly the truth any central planner anywhere wanted to hear.....
....Kuroda:He went on to say that the “scale and scope” of the assets the Bank has purchased so far are not enough to meet the 2% inflation target, and that more easing is needed in both quality and quantity. While underlining that monetary policy is not decided by the BoJ governor alone, he indicated that he would favour extending the maturity of JGBs to be purchased beyond the current maximum of 3 years, and that he will consider starting open-ended asset buying sooner than the current plan (January 2014). He also stated that a wide variety of asset purchases should be considered, a hint that the BoJ may in future buy more risk assets – although Mr Kuroda is likely to face stiff resistance from the BoJ bureaucrats.......
http://www.zerohedge.com/news/2013-03-04/...index-drop-2008-japan-dow |
