Japanese Debt Deleveraging…

Japan is standard bearer for a long term deleveraging economy.  Its consumers have been reducing debt since the onset of their own lost decades some 20 years ago – chart source data the Cabinet Office.

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This should be a concern……

And non financial corporate liabilities….

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And of course, private financial corporate liabilities…

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So we think that US and European economies are at the start or the end of the cycle?

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