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Poor Mr. Kuroda.
Japanese benchmark stock index Nikkei 225 is down more than 3% again today and that brings it down more than 18% for the year and more than 25% in last six months. Nikkei is currently trading at 15730.
Similarly Yen, which has been key for Japan's recovery in exports, corporate profits and inflation is rising steadily since late last year, up more than 1100 pips from its trough. Yen is up more than 4.5% this year against Dollar, despite Mr. Kuroda introducing negative rates. Yen is up more than 8% against Dollar in last six months. Yen is currently at 114.6 per Dollar.
Now to add to the pain, the wholesale inflation data, which is clearly showing deflationary pressure still has upper hand in Japan and Mr. Kuroda might have to do pretty more.
Japan's producer price index contracted by 0.9% m/m in January, and December got revised down to -0.4%. The pace of decline is fastest since last January. On yearly basis decline was -3.1%, much better than -4% registered in September but still worse than -2.7% expected.
And now, stronger Yen unlikely to help Mr. Kuroda's quest.
