”The skiing season would have been a great time to have been on the slopes in Japan—and out of the market.
A ski-lift ride up to the level of the Nikkei 225 average intraday high of 19,967 yen on December 3 would have been followed by a thrilling (or agonizing) almost uninterrupted slide to its 52 week low of 14,952 yen set on February 12.
The Nikkei closed Friday the 19th at 15,967 yen, fully 24% off its 52 week high of 20,868 yen set on July 24, 2015.
Of course the Japanese stock market rout has seen parallels in other markets. Still, there are special, and generally more painful, factors at work here, especially the contemporaneous—and hugely determinative—appreciation of the Japanese yen, itself a clarion announcement of the abject failure and theoretical (if not also financial) bankruptcy of “Abenomics…………..”