“I’m half-way to achieving our goals,” announced Abe. As Moody’s cut Japan’s credit rating to A1. Citing the difficulty in simultaneously reducing fiscal deficits while fueling growth. Which is the global economy’s first circular reference. Because you can have one or the other, but not both. Unless you devalue your currency and monetize your debt. The Yen fell another 2.4%. 10yr JGB yields fell 1bp to 0.41%. The Nik