Just a few months ago, Tokyo’s dealing floors were in celebratory mode — to the point of inviting journalists into their inner sanctums to watch the numbers on their giant screens soaring past the once untouchable 1989 all-time high. Japan was back, or so it seemed.
But — despite all the signs of a sustainable Japan recovery for once — maybe this time was not so different after all.
Within 20 minutes of Monday’s market open — the Topix index already down 7 per cent on the day and the yen still resurgent against the dollar — one head of trading did his best to explain the situation.
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