Robin Brooks
@robin_j_brooks
Senior Fellow @BrookingsInst, previously Chief Economist @IIF and Chief FX Strategist @GoldmanSachs. Opinions are my own. Email: RBrooks@brookings.edu.
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Japan (lhs) and Switzerland (rhs) are polar opposites. Japan's yields keep rising, but the Yen falls anyway. Switzerland's yields go lower and lower, but the Franc just strengthens. Difference is public debt. Switzerland is at 40% of GDP. Japan at 200%...
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Japan is becoming a case study for what NOT to do when you have lots of public debt. Japan is banking on official FX intervention to stop the falling Yen. This can't and won't work. $/JPY is rising back towards 160 once again. Japan is stuck in denial...
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