The stampede out of Japanese equities continued yesterday, sending the Nikkei 225 tumbling 6.4%. David Poh, regional head of asset allocation at Societe Generale, says Prime Minister Shinzo Abe's third arrow of long term economic reform was disappointing and didn't meet the mark set by investors. Furthermore, the BoJ's recent inaction towards bond market volatility is forcing investors to reassess their outlook for the country's stock market. Abe's three-pronged policy to boost growth started with monetary and fiscal stimulus, but the Prime Minister's recent announcement of his longer term growth strategy fell short of expectations. (VIEW LINK)
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