JOHCM's Nash: Why an Abenomics obituary is too premature

Many investors have already written the obituary for Abenomics, but this judgement is far too premature and narrow in its scope.

Admittedly ambitious targets for core inflation and economic growth have been missed - albeit doubt has recently surfaced about the accuracy of some of this data, with a recent Bank of Japan report suggesting 2014's GDP figure was materially understated. But Abenomics has been a clear success when measured on a wider array of metrics.  Since Shinzo Abe's premiership began in December 2012, the yen has lost 20% of its value against the US dollar; the main Nikkei and Topix stock market indices have notched up strong gains; and individual company fundamentals, such as dividend per share ...