1H16 Better-Than-Expected Results Suggest Earnings Inflection Points; Positive For Japanese Banks
Four major banks under our coverage reported better-than-expected results, indicating an inflection point in their earning structure. In aggregate,...
784 Views
Lack of Term Premium Continues to Cost Japanese Banks with Limited Financial Flexibility
The Bank of Japan has just released its semiannual assessment on the financial system with an explicit focus on the negative interest rate...
387 Views
The Holy Grail of Reflation: "from Savings to Investment"
Recent large government privatisations (Japan Post and JR Kyushu) have brought with it a positive tendency, as we pointed out in The Reflationary...
319 Views
Structural Reform II: Political Economy Backdrop
 One of the enduring questions regarding Japan’s “lost decades of growth” remains the degree to which failure to grow owes to insufficient...
334 Views
Structural Reform I: The Japanese Financial Sector
In Why Overcoming Deflation Is Not Enough Part III: Corporate Governance, we argued that corporate governance is pivotal to successful structural...
423 Views