I was back in Auckland yesterday. I had stayed at Tokyo for 5 days. I felt that there might be a sense of stagnation in Japanese economy again. The Japanese use to be happy to welcome the ABENOMICS, the new prime minister’s economic reforms. However, there were only an increase of consumption tax and burdens of small inflation as a result of it.

The last minutes I have a few trouble with the Bank. They made a mistake of my company name. So, I ask my lawyer to amend them and settle at the planned date of the settlement. I get used to taking tare of these troubles because I had plenty of experiences solving these issues when I worked for a Japanese non-bank and a US investment bank.

US Stocks have hit the historical high this Tuesday. Is this environment a bubble? Mr Musha, a strategist of equity markets, told his opinion that US stocks are not bubble but very cheap in light of economic circulation. However, his opinion is always too drastic and said to be a reverse index.

Citi Bank has decided to withdraw from the Japanese retail banking. They opened the first retail branch in late 1980′s. Their deposit amount has been over 4 trillion yen, (NZ$450 billion). Their revenue has been decreasing for over 5 years. They have been fined by the Japanese Financial Ministry several times since they started their retail operation in 25 years ago. Citi bank currently is the only the Japanese bank which offer non-residents retail bank accounts. Those who are called permanent travelers are so afraid of shutting down their operation in Japan.