When the Fed were printing, Europe was still circling the drain. Just because the Japanese print doesn’t mean we won’t go down the toilet. Or that they won’t — they’ve been printing for years to no major effect.
Also, Japan is targeting a $10-20 trillion yen excess increase in their monetary base per annum. That’s $90-180 billion per year, or $7-15 billion per month. A drop in the bucket compared to US QEx.
Japan QE was also highly dollar-positive, which isn’t so good for US manufacturing and sales of our shit abroad.
Euro at 1.25 – wow.
Yen at 112 – wow.
Canuck almost at 1.13 – haha.
