The Most Important Investor In Japan Made A Sceptical Comment About The Success Of Abenomics

This is getting some attention today.
The head of Japan’s gigantic pension fund, which essentially makes the market in everything, doesn’t think that the Bank of Japan will hit its inflation goals… at least not yet.

From Bloomberg:

“A 1 per cent inflation rate may be possible, but that’s different to the Bank of Japan target,” Mitani said in an interview at GPIF’s Tokyo headquarters today. “We haven’t seen real demand to pull prices up yet. Whether inflation will be stable is questionable.”

There doesn’t seem to be much doubt that the inflation picture in Japan is brightening. But whether it’s durable and robust remains to be seen.

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