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The third theme of our Q1 2013 Global Macro Themes call held last week was #QuadrillYen.

In our presentation, we discussed how Japan’s exports are slowing and their plan to devalue the Japanese Yen by following in the footsteps of the Federal Reserve. With the Bank of Japan targeting 2% inflation and entering an “open-ended asset purchase” program, Japanese stocks have been on the rise.

Unfortunately, policies to inflate stocks only work until they don’t and stagflation is more likely than economic growth in this case.