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Japan reported another 10 year high in their consumer price inflation number this morning. At +2.4% y/y, the August report remains as elevated as it was in July (see chart).

You do not want to be long an economy with a socialist government bailout policy. You do not want to be long an economy experiencing stagflation. Sound familiar?

We remain short Japan and the US via etf's (EWJ and IWM).
KM