April’s publication summarizes two outlooks on Japanese markets and one on the challenges being created by today’s monetary policy. The first considers how the market has responded to the Bank of Japan’s recent monetary policy changes, and whether there is still room for further yen depreciation and Japanese equity gains. The second argues that for Japanese equities to become attractive and for growth to be achieved, policymakers will have to tackle secular challenges like population decline. Finally, the third looks at current monetary policy through a different lens, arguing that the embedded risk is that politicians and central bankers will come into conflict when it is time to normalize policy.

• “The Market Consequences of the BOJ Regime Shift” Dominic Wilson et al., Goldman Sachs, April 10, 2013
• “Is Japan Here to Stay?” Michael Hood, J.P. Morgan Asset Management, March 20, 2013
• “The Politicization of Monetary Policy: Should We Care?” Martin Barnes, BCA Research, April 15, 2013