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    MARKET EDGES

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See the chart below. While it is not new news that a country that gives its people zero interest rates on their life savings ends up wallowing in their own economic misery, it was apparently new to the media this morning that Japan could drive itself into another recession...

Do not mistake the 2008 Japanese recession for the one we witnessed in 1998 (where the Nikkei looked past the news and ripped higher ahead of accelerating economic growth). This Japanese bailout policy is going result in protracted economic stagnation.

We remain short Japan via the EWJ etf. This is a position we have held since opening the firm in May.
KM