Brexit And Japan

| |

Risk-off may prevail until it is clear that a European “Bear Stearns” negative spiral does not occur.

Japan got hit hard initially by the risk-off tsunami forced by Brexit. The force of the hit was compounded by the fact that Japan was the first and only major developed market that was open for business when the results of the vote were released—Tokyo became the first shock absorber, operating amid peak uncertainty. I expect…