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English Reports

Key Strategy Issues

26 Apr.2012: (Vol.294) The U.S. economy appears to be advancing to a new phaseThe world’s only economy with the power to achieve medium to long-term growth
29 Jun.2011: (Vol.293) Musha Research’s practical policy recommendations for recovering from the 2011 off the Pacific coast of Tohoku EarthquakeUse the rebuilding process to create a model for Japan that can be a global leader in the future
23 Mar.2011: (Vol.292) The historical significance of the G7 intervention: The end of the yen’s prolonged upswing
01 Dec.2010: (Vol.291) Geopolitical change in East Asia holds the key to the resurgence of Japan’s economy - Why geopolitical forces will end deflation fueled by the yen’s strength-
04 Nov.2010: (Vol.290) The QE2 Shock: A New Age of Financial Monetary Policies That Target Asset Prices
05 Mar.2010: (Vol.289) Perspectives on deflation in Japan – 3Lessons for the world from Japan’s experience with deflation～Creating demand is the most pressing issue; consumption rather than saving is a virtue～
26 Feb.2010: (Vol.288) Perspectives on deflation in Japan – 2 How the “lost 20 years” made Japan even stronger
19 Feb.2010: (Vol.287) Perspectives on deflation in Japan – 1The strong yen is the primary reason for deflation, which is the root cause of Japan’s economic stagnation
06 Jan.2010: (Vol.286) 2010 may be the beginning of a glorious decade.～But will the “Greenspan conundrum” become a problem once again?～
11 Dec.2009: (Vol.285) 2010 outlook depends on the U.S. economyA dramatic recovery is quite possible～2010 may be a year of economic recovery, even higher stock prices and a rebound in the dollar～
15 Oct.2009: (Vol.284) The global economy enters a new stage as Japanesecompanies quickly restructure operations～Only one viable global strategy exists～
30 Sep.2009: (Vol.283) The increasing likelihood of a V-shaped recovery that takes global stock prices back to pre-Lehman shock levelsThe pessimistic view is proven wrong by the current powerful rally in stock and bond markets
21 Aug.2009: (Vol.282) A recovery has started despite declines in employment and credit extensions.Progress in corrections by U.S. companies points to greater likelihood of a V-shaped rebound.
02 Jul.2008: (Vol.276) Japan must create a means of valuing the Earth

Strategy Bulletin

23 Apr.2012: (Vol.69) The failure of the BOJ’s approach is now obviousDeflation is ending, the yen is weakening and stocks are rising
17 Apr.2012: (Vol.68) The BOJ must not miss this prime opportunity to end deflation
11 Apr.2012: (Vol.67) No need to worry about the bottom falling out of the JGB market
21 Mar.2012: (Vol.66) Shifting from the Bond Era to the Stock EraThe start of interest rate arbitrage to eradicate a risk premium of unprecedented scale
12 Mar.2012: (Vol.65) 2012 Is the Year of Japan ? Throw Off the Shackles of Pessimism! Another look at the tailwind of globalization for the US, Germany and Japan
27 Feb.2012: (Vol.64) BOJ’s “About Face” Will End Endaka DeflationNikkei to reach \13,000 and yen/dollar \90 at the end of 2012
09 Feb.2012: (Vol.63) This Rally is the Real Thing: Investors Cannot Ignore a 6% Yield (Dividends + Buybacks)
26 Jan.2012: (Vol.62) Why is Japan performing so poorly? ～ The policy differences behind the gaps in stock prices ～
06 Jan.2012: (Vol.61) Debt-based Historical View vs. Productivity-based Historical View (Part 6)Is the triple-high a precursor of a U.S. economic rebound?
07 Dec.2011: (Vol.60) Debt-based Historical View vs. Productivity-based Historical View (Part 5)Resolving the euro trilemma and saving Europe from the debt crisis
09 Nov.2011: (Vol.59) Why are stocks strong worldwide, even as fears mount in Europe’s bond markets?Investors may expect massive monetary easing, and asset and wage inflation in Germany
28 Oct.2011: (Vol.58) Markets are at a turning point as a round of extreme global monetary easing begins
24 Oct.2011: (Vol.57) Debt-based Historical View vs. Productivity-based Historical View (Part 4)Overcome the crisis dredged up by “debt hysteria” – A PKO by the ECB and EFSF is essential
12 Oct.2011: (Vol.56) Debt-based Historical View vs. Productivity-based Historical View (Part 3)What is the meaning of upturns in the price of gold during shifts in currency regimes?
05 Oct.2011: (Vol.55) Debt-based Historical View vs. Productivity-based Historical View (Part 2)Productivity and credit have propelled the DJIA over the past 100 years
30 Sep.2011: (Vol.54) Establishment of a wallet for governments will fuel a V-shaped stock market rebound
27 Sep.2011: (Vol.53) Debt-based Historical View vs. Productivity-based Historical View (Part 1) It’s time to liquidate ‘liquidationism’
22 Sep.2011: (Vol.52) Financial markets test the water An ample supply of dollars; differences between today and the 1930s
22 Aug.2011: (Vol.51) Negative Effects of the “Sovereign Debt” Explanation
05 Aug.2011: (Vol.50) Avoiding a reoccurrence of 1937ｒRebuilding measures for urgently needed reflation measures
01 Aug.2011: (Vol.49) The U.S. economy is not losing momentum
25 Jul.2011: (Vol.48) Strength in the yen and stock prices points to a big resurgence in Japanese stocks
21 Jul.2011: (Vol.47) Preparing for the summer rally, focus on Japan Equities
04 Jul.2011: (Vol.46) Message to Japanese investors: Don’t miss the catch-up rally!
13 Jun.2011: (Vol.45) High Price of Gold Points to Upcoming Stock Market Rally Strongest gold market in 30 years may be the precursor of a long-term stock market rally
06 May.2011: (Vol.44) Message to the BOJ: Now is the time to use savings accumulated over the past two decadesTransform the tragedy of earthquake into an opportunity to weaken the yen and boost wages and stock prices
18 Apr.2011: (Vol.43) A small-break in risk-on sentiment ? Global investors may target Japanese stocks next
04 Apr.2011: (Vol.42) Discussions with Overseas Investors Everyone agrees that the outlook is positive
28 Feb.2011: (Vol.41) The consequences of toppling Middle East regimes and implications for global investments
22 Feb.2011: (Vol.40) Could easing of excessive pessimism trigger flight from government bonds? Selling pressure would be good news for Japanese stocks
11 Feb.2011: (Vol.39) The United States, Germany and Japan are remarkable beneficiaries of globalization this year
07 Jan.2011: (Vol.38) The Full-fledged Revival of Japanese Stocks in 2011 (3)Why does Japan’s trade surplus with China, Korea and Taiwan continue to grow? Asia’s flying-geese growth pattern with Japan leading the way
16 Dec.2010: (Vol.37) A broad-based rebound in Japanese stocks in 2011 (2)Japan is best positioned to be rewarded in 2011Immense potential due to a low unit labor cost and high risk premium
10 Dec.2010: (Vol.36) A broad-based rebound in Japanese stocks in 2011 (1) A recovering U.S. economy and reversal of the yen’s upturn will spark a powerful stock market rally in Japan
18 Nov.2010: (Vol.35) Four reasons that the U.S. will not see Japanese-style deflation
13 Nov.2010: (Vol.34) Why will QE2 cause the yen to weaken? The yen’s climb will end once people abandon the deflation scenario
14 Oct.2010: (Vol.33) QE2 Signals the Beginning of a Global Liquidity Driven Market
06 Oct.2010: (Vol.32) A Change of Direction (4) The BOJ adopts a clear stance about the negative bubble
01 Oct.2010: (Vol.31) The Senkaku Islands Dispute Shows that “China is different” and Benefits Japan
16 Sep.2010: (Vol.30) A Change of Direction (3)The Speculative Rise of the Yen Nearing the EndForex market intervention demonstrates international understanding of the need to fight the “global deflation scenario”
15 Sep.2010: (Vol.29) A Change of Direction (2) The DPJ’s transformation accelerates. Can Japan once again position itself for growth?
13 Sep.2010: (Vol.28) A Change of Direction (1)Belief in the Global Deflation Scenario is Weakening
01 Sep.2010: (Vol.27) Preventing global deflation by stopping the rising yen Use foreign exchange market intervention to supply liquidity to the world
30 Aug.2010: (Vol.26) Bernanke statement of readiness to act quells fears
27 Aug.2010: (Vol.25) Can DPJ shift to Reflationary Policy? Avoiding Risk recommended for time being.
19 Aug.2010: (Vol.24) Only three exit of the unprecedented surplus of capital (1) Hold as liquid assets (the Japan disease) (2) Excessive capital expenditures (3) Higher prices for assets
04 Aug.2010: (Vol.23) No similarities between Japan and Greece Japan has precisely the opposite problem of Greece
30 Jul.2010: (Vol.22) Can the DPJ administration quickly change its spots?
27 Jul.2010: (Vol.21) The U.S. will not experience Japanese-style deflation Falling interest rates point to a positive outlook
20 Jul.2010: (Vol.20) The strong yen inflicts even more damage on Japan’s already fragile economy
06 Jul.2010: (Vol.19) Short-term clouds do not darken longer-term expectations ～Amendments to the Insurance Business Law may end Japan’s “negative bubble”～
25 Jun.2010: (Vol.18) Inadequate demand or fiscal rebuilding? ～Muddling through for now～
17 Jun.2010: (Vol.17) After the technical rebound, strong fundamentals in core industrialized countries will be the next investment theme
31 May.2010: (Vol.16) The U.S. Reestablishes Its Financial Preeminence – The Greek debt crisis is putting U.S. leadership in the spotlight –
24 May.2010: (Vol.15) U.S. and German legislatures may end the market’s dark mood - Let’s give high marks to the positive surprise from legislators -
11 May.2010: (Vol.14) The Black Swan Farce – Risk-taking will stage a quick comeback –
10 May.2010: (Vol.13) The crisis in Greece can be contained
27 Apr.2010: (Vol.12) The revival of the U.S., German and Japanese economies – Germany is gaining a competitive advantage as the crisis in Greece unfolds –
19 Apr.2010: (Vol.11) The U.S. economy is in a “sweet spot” -An excellent opportunity to buy on dips
24 Mar.2010: (Vol.10) Why will Japanese stocks have the highest returns of 2010? Three shortcomings have become three advantages.
15 Mar.2010: (Vol.9) The yen carry trade will soon replace the dollar carry tradeHigh stock prices and a strong dollar will pull the rug out from under the pessimists.
08 Mar.2010: (Vol.8) We are probably seeing the beginning of a major rally
02 Mar.2010: (Vol.7) A steep drop in the U.S. saving rate signals a major shift
12 Feb.2010: (Vol.6) The Crisis in Greece: Rhodes is here, here is Where You Jump!
08 Feb.2010: (Vol.5) All three of the most important indicators point to higher stock prices in Japan
03 Feb.2010: (Vol.4) The U.S. recovery gains momentum and signs of an earnings-driven market become unmistakable The financial system reform debate is far from a conclusion.
22 Jan.2010: (Vol.3) Dark clouds loom for risk-takersCriticism of financial institutions grows as possible revisions to the financial system emerge.
14 Jan.2010: (Vol.2) The end of the “endaka penalty” will spark Japan’s revival.
04 Jan.2010: (Vol.1) 2010 may be the beginning of a glorious decade.But will the “Greenspan conundrum” become a problem once again?
14 Dec.2009: The dollar’s speculative drop is over. Next, the dollar will rise along with the U.S. economy.Japanese stocks may start to make a comeback.
30 Nov.2009: Plunging stock prices have created an opportunity to buy low.But Japan is overwhelmed by the yen’s strength.
24 Nov.2009: The final key to achieving global prosperity – The cloud computing shock
19 Nov.2009: Japan’s Hostile View of Finance Killed the EconomyWhy did Japan end up as the only loser?
12 Nov.2009: Why now? Why a railroad?U.S. investors start taking on risk
09 Oct.2009: Is excessive demand the culprit? Or is there not enough demand?-The fundamental error of Stephen Roach’s position
05 Oct.2009: How should we view the current stock market correction?-Analyzing the causes of the triple downturn at the heart of this correction
14 Sep.2009: A weak dollar is good news but a strong yen is bad news“Strong yen speculation” raises questions about the stance of the Democratic Party
07 Sep.2009: China Report: Accelerating economic recovery and remarkable government skill in managing the economy means that China is poised to lead the way to a global V-shaped rebound.
10 Aug.2009: Falling inventories and employment at U.S. manufacturers point to a V-shaped recovery starting in the first half of 2010
24 Jul.2009: Expectations for a big rebound in Japanese equities
14 Jul.2009: The Mistakes of the “False Dawn” TheoryStock Prices Will Continue to Climb

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