Stocks Sliding: A Wave of Municipal Bankruptcies Looms, Japan Food And Energy Prices Rise; All Others Drop, China Risks A Crisis

Friday, July 26, 2013
By Paul Martin
July 26th, 2013

With hotter than expected inflation in Japan (yes we know that’s what they wanted), it appears (from Nikkei and JPY) that there is a growing concern Kuroda will back off just a little during his speech on Sunday night (NY time) from the print-til-we-stink paradigm. Japanese stocks are down over 5% since Tuesday and the JPY is surging (suggesting markets are crying out for Kuroda to do a Bernanke and shift to longer/lower forward guidance). US equities – dragged by JPY-related carry unwinds – are also diving, back near yesterday’s lows.

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