Committing the country to a debasement of the currency is like telling the world you'll never pay back your debt, but as most of your bonds are held by your own population that might not matter if your population shrinks enough. It's like a ponzi scheme . . . if you die before the country defaults you don't worry because you got your money out. I kind of want to play contrarian and buy the JPY here, but doing that in every other QE-addicted market has been such a loser that you know if you did that you'd want to be pretty light on your keyboard and take profits quickly. This one is for the pro's only.
Obviously you'd expect Shimano (7309) to track the JPY like most Japanese exporters. For the cycling investors here's the stock chart.
Kittel was good, but earlier around the 20km mark not covered on these highlights Tom Boonen goes very hard and toys with the peloton. Clearly this is a training exercise for the Belgium champion ahead of the northern classics. Boonen for mine is looking good. His compatriot and reigning world champion Philippe Gilbert doesn't seem quite as comfortable, though he's not that far off the pace. As I said previously Paris - Nice is not my favorite race to watch, but it does have it's moments.
Finally I managed to get out this morning for a ride on the Pinarello. No news on the Cannondale yet, but I'm keeping my fingers crossed. I was a bit late leaving home at 7am and at times I felt like every tradesmen's truck and 4WD in Sydney's eastern suburbs was trying to knock me off my bike. I tried to keep cool and by the time I hit the beach front at Bondi I had decided to head to the safety of one of my usual cafes.
Not a great rides in terms of the numbers, but definitely a success in terms of surviving morning traffic. The lesson here is get out at 6am or wait until after the rush hour . . .