Abe 2.0 Begins - Step 1 Remove All Budget Limits; JGB Yields Crack Submitted by Tyler Durden on 12/18/2012 19:55 -0500 Aussie Trade Balance Well that did not take long. T+2 days from his re-election, Shinzo Abe has summarily unbudgeted himself . As Kyodo News reports , the sphincterially-challenged wild-man has decided to scrap the country's spending cap for the annual budget . Previously capped at a measly JPY71 trillion (excluding debt-servicing costs) in an effort to create some pretense of fiscal discipline, the new Keynesian has unilaterally decided that moar is better. Not exactly helping, though perhaps exactly what the currency-war-inflaming Abe might like, the trade balance plunged yet again (to -JPY953bn from -JPY540bn) from - setting a new all-time record negative average as the implicit capital flight continues. JPY weakness has resumed but it is the collapse in JGBs that will be worrying people - the biggest 5-day run-up in 10Y JGB yields in over 13 months . 10Y JGB yields are on a tear...breaking above the 100DMA... Japan's Trade Balance pushes further and further south... AsiaPac not having a great night overall with Aussie Leading Indicators plunging to their lowest in nine months... Chart: Bloomberg Average: 5 Your rating: None Average: 5 ( 4 votes) Tweet Login or register to post comments 5020 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Is An 18% JPY Devaluation The 'Best-Case' Scenario For Abe's 'New' Japan? Daily US Opening News And Market Re-Cap: September 19 Abenomics Is Back: Shinzo Abe Returns As Japanese PM Following Crushing LDP Victory Japanese Yen Celebrates The Arrival Of Abenomics 2.0, Opens At 20 Month Low When Japan Goes Japanese: Presenting The Terminal Keynesian Endgame In 14 Charts
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