Last week’s FOMC decision of doing “nothing” has been “supportive” for various markets like the emerging markets, commodities and so-on, but not for everybody. When we look at the equity markets in Japan as well as the Japanese yen, we see signs that “trouble is brewing.”

The Japanese Manufacturing PMI survey states in its press release: “Latest survey data signaled a marked deterioration in operating conditions at Japanese manufacturers, partly a consequence of the two earthquakes which struck one of Japan’s key manufacturing regions.

Output decreased at the quickest rate in two years, underpinned by the most marked fall in new orders since December 2012. A slump in international demand was one of the primary factors behind the fall in total new orders, with new export orders declining at the sharpest rate in over three years.” READ MORE