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I know a lot of "value" buyers want to call the bottom in Japanese Equities. I'm always up for buying on sale, just no Japan for me yet, thank you... I'd rather be long Taiwan.

Japan's economic growth is slowing into the head wind of inflation accelerating. This morning's inflation report (PPI for June) came in at +5.6%. That's a 27 year high! Japan's cheap money cycle will continue to haunt their economy until they raise interest rates from where they are now (negative real rates).

Global Stagflation is here.

*Full Disclosure: I am own Taiwan via the EWT country etf as of yesterday.
KM