Tokyo has overtaken Shanghai as Asia’s biggest equity market, while India’s valuation premium over China has hit a record. Japan's December CPI inflation rate came in at 2.6%, down from 2.8% in November. 2.3% is a 17 month low even if over all of 2023 inflation was at a 41 year high in Japan. They [rightly] point out that inflation and inflation expectations are still far too high there. Wall Street has opened on Friday with the S&P500 up +1.1% so far and heading for a more modest +0.9% weekly rise but racing to a new all-time high.
