Nikkei above 26,000 in high not seen since 1991: Japanese worry about Covid-19
Sawako Utsumi and Lee Jay Walker
Modern Tokyo Times
The Japanese stock market in Tokyo reached 26,000 but the Nikkei isn’t painting the real picture of the economy. Instead, wealthy financial institutions and investors are making a killing out of government stimulus packages and other factors outside of the “real economy.”
Indeed, the coronavirus (Covid-19) crisis in Japan continues unabated even if at a low level when compared to events in Europe, North America, South America, and other parts of the world. Hence, ordinary Japanese nationals are focused on surviving the economic convulsions of the coronavirus crisis.
Similarly, issues related to government debt, future pensions, relatively stagnant wages over many decades, a lackluster housing market, low birth rate, a relatively flat consumer market, and other important factors, all apply to issues related to the “real economy.”
Ironically, while the Tokyo benchmark reaches 26,000, the local government of Tokyo is accumulating more debt related to the coronavirus crisis – and overspending on the Olympics. Therefore, the stock market doesn’t resemble the economic reality of Japan in 2020.
If the global stock market is rallying on vaccine-related news then it merely shows how shallow the international system is. After all, with over 1.3 million dead – and daily international deaths reaching new highs in recent days – then speculators are once more “making a killing” while misery abounds.
https://www.worldometers.info/coronavirus/ World coronavirus statistics
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