Reflationary effects on dollar/yen
BACKGROUND: The Bank of Japan is a key player in the global reflationary cycle. This reflation has largely been forced upon Japan by the depreciating US dollar, and resulting Bank of Japan (BoJ) reserve accumulation through its intervention efforts to slow yen appreciation. The recent reflation benefits to the Japanese economy are easy to dismiss as another false dawn, but the current cyclical upswing in Japan, as evidenced by positive GDP growth, differs from the prior two post-bubble upturns
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