Have Japanese policymakers exhausted all their options to invigorate the economy?

As the yen continues to strengthen, Invesco Perpetual's head of Japanese equities Paul Chesson asks if it is nearing the endgame for Japan or if the central bank could make yet another move to strengthen the country's stalled economy.

This year has so far proved to be a tough one for the Japanese equity market. The Bank of Japan (BoJ)'s negative interest rate policy has backfired; the yen has strengthened markedly against the US dollar; and Prime Minister Shinzo Abe has had to delay the consumption tax increase for a second time. Since Haruhiko Kuroda's (pictured) appointment as governor in March 2013, the BoJ has been the most aggressive of the world's major central banks in its quantitative and qualitative easing programme. We have seen more than three years of massive central bank stimulus, from large-scale asse...