What wasn't hyperbole was our December 17th headline:
"Japan's Nikkei is In the Early Stages of an Historic Move"
It's going higher.
By early summer we'll probably be seeing stories on "Nikkei higher than Dow for first time in X years".
Here's the normally sober Reuters story:
Nikkei hits highest in over 4 yrs on BOJ governor's early departure
* Exporters, interest rate-sensitive shares soar
* Toyota most traded stock by turnover, hits 4-year high
* Mitsubishi Heavy highest since 2008 on profit forecast
By Sophie Knight
TOKYO, Feb 6 (Reuters) - Japan's Nikkei average surged 3.8
percent to close at its highest since October 2008, after the
yen fell sharply on bets the early exit of the central bank
governor opens the way for one who pursues aggressive monetary
easing.
The benchmark packed on 416.83 points to 11,463.75,
producing its biggest one-day gain since March 2011, as the
Japanese currency hit a fresh low of 94.08 against the dollar.
Wednesday's Bank of Japan Governor Masaaki Shirakawa said he
would step down, together with his two deputies, three weeks
before the end of his five-year term in April.
Prime Minister Shinzo Abe has put the central bank under
relentless pressure to do more to pull the economy out of the
doldrums. He has made it clear that he wants a governor who will
be bolder in loosening monetary policy.
"There was a very aggressive, solid weakening of the yen in
response to what seems like relatively trivial news. But it's
nonetheless news that signals the expectation and recognition
that the momentum in Japan is continuing to favour yen weakening
and risk-on mood," said Stefan Worrall, director of equity sales
at Credit Suisse in Tokyo....
...MUCH MORE And just a reminder, from the January 11th post "No typo: Analyst sets Nikkei 63 million target" (it's Société Générale's Dylan Grice):
...A couple characteristics of big bull markets:Previously:
1) Once the move is underway waiting for a pullback almost guarantees you will be underinvested. Everybody is waiting for a pullback, not everybody has the fearlessness/foolishness to commit.
2) The market will find a way to make your day-to-day prognostications and pronouncements look stupid.
Ease in, even if you have to grit your teeth and shut your eyes.
Sixty three million baby!
Shanghai, Nikkei: Sweet Moves
Unconventional Measures: "Japan plans 'nationalisation' of factories to save industry"
Shanghai Index, Nikkei 225 Inflate Nicely (YINN; YANG)
With the Shanghai Composite up 16.5% From the Lows, How High Can it Fly
While You Were Sleeping: Nikkei Up 2.28% Overnight
in that last one I even quote Shakespeare to make the point.
