I will postpone the analysis on the Japanese economy, because I want to bring you an update on global liquidity. I just received a new patch of data on the global money supply reaching the end of March.
Issued discussed:
There were major liquidity injections in March, which explains why markets rallied so fiercely.
These injections came (also) from outside China.
We are likely to slowly turn into a rally-mode in the markets again, with likely peaks reached in late-June or early-July.
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