Japanese equities de-rated with zero rates
JAPAN CAPE VERSUS JGB YIELD
70
70
60
60
50
50
40
40
30
30
20
20
10
10
0
0
<0 0<1 1<2 2<3 3<4 4<5 5<6 6<7 7<8 8<9 >9 10 YEAR JGB %
1
Sources: MSCI, BLS, DataStream
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