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We wrote about Japan's decision to cut rates from zero to zero again this morning (from 0.5% to 0.3%). This was nothing but a polarized and politicized event. Inflation was also reported in Japan overnight at +2.3% year over year growth. When your economy is experiencing chronic stagnation, and mounting stagflation, the last thing you should do is cut rates further.

Paul Volcker will do a teach in to the world on this score, once Obama takes office... I hope. This chart is getting painful to look at.
KM