Japan is close to blowing up. Their 10 YR bond yield rises to +.540 and is buying 100% of their bond issuance. They are going to be in a hyperinflationary mess pretty soon.
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Japan has been in hyperinflation before its defeat in ww2.
They've had high inflation, but I think of hyperinflation being very specific. Japanese have to collectively lose the confidence in the currency and spend it as fast as they can due to being worthless, where the central bank interprets this as demand for more currency and print some more as they can't have a lack of liquidity. Inflation is increase of supply of money, where hypinflation is the decrease in monetary demand.