Now It Takes 90

Now it takes 90 yen to fetch 1 dollar and seemingly on the way to 100. Stock markets in Japan are rejoicing. Here is a Reuter's report:

Japan's Nikkei stock average .N225 also outperformed its Asian peers with a 2 percent surge as the yen hit fresh lows versus the dollar and the euro on expectations Japan will pursue bold policies to beat deflation and stimulate growth.

In the annals of economic history, I have encountered no nation who gained prosperity through competitive devaluation. It is a sad commentary on the current state of states that such actions are now considered "bold policies." The salutary effect on stocks will prove to be ephemeral.