Here’s how you know people are worrying again.
This famous chart — which Doug Short has popularised and characterised as the Mega-Bears chart — is back.
This time it’s SocGen, overlying the great S&P/EuroStoxx bust with the Nikkei bust from a decade earlier.
As you can see, the US market hasn’t been on the Japan path for a while (although it wouldn’t stretch the imagination to see it return to the path) but Europe is almost perfectly playing out to form with Japan.
And as long as we’re talking Japanification, then of course this chart (which is perfect with today’s collapse in government bond yields) is incredibly on point.
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