A sharp rise in yields raises interest rates across all forms of debt. The last thing the Bank of Japan wants to do is to surprise the market.
More Quotes from Stefan Worrall:
As we approach 2006 we have domestic demand, which is strong and being built up by employment growth, and businesses becoming more confident, and at the same time you have external demand becoming quite strong.Stefan Worrall
It's all coming together for Japan right now. Not only is the domestic demand outlook strong, but manufacturing and non-manufacturing firms are expanding, supporting both employment and capital investment.
Stefan Worrall
When companies think interest rates are going to rise they will start investing before that. So that can actually boost capital spending before something such as a tightening in monetary policy.
Stefan Worrall
The main difference this time is the restructuring of the domestic economy, playing down the excessive debts and other hangovers from the asset bubble of the 1980s, and those adjustments have been done. In the past we've had recoveries driven by export growth but no real adjustment in the broader economy in areas outside of exports and manufacturing.
Stefan Worrall
Japan's economy is back, and with a vengeance. This was a pretty fantastic year.
Stefan Worrall
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