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Article posted Apr 15 2013, 5:37 AM Category: Economy Source: Zero Hedge Print

Ex-Soros Advisor Sells "Almost All" Japan Holdings, Shorts Bonds; Sees Market Crash, Default And Hyperinflation

by Tyler Durden

Moments ago, it was none other than Takeshi Fujimaki, Soros' former advisor on all matters Japanese, who tripled down on the warnings, and told Bloomberg that the Bank of Japan's "huge bet" by boosting quantitative easing won't turn the economy around and is instead sending the nation toward default.
"By expanding the monetary base to 270 trillion yen, the BOJ is making a huge bet which I think it will ultimately lose," Fujimaki said in an interview in Tokyo on April 11. "Kuroda's QE announcement is declaring double suicide with the government. The BOJ will have to share the country's fate and default together."
Why? Same reason we have been pointing out every day for the past week, the same reason the Japanese bond market is now essentially broken with daily trading halts becoming an expected feature:
"The volatility in the JGB market as well as the fact that there is large selling represent fear among investors," Fujimaki said. "They are early signs of a larger selloff and we should continue to monitor the moves in the long-term bonds."

Fujimaki said he recently bought put options for Japanese government bonds of various maturities, without elaborating. He continues to hold real estate in Japan and options granting the right to sell the yen against the greenback expiring in less than five years. He also holds assets in U.S. dollars and currencies of other developed nations.

"Japan's finance is sinking into the ocean," Fujimaki said. "There's no escape from a market crash in the future when you have such enormous debt."
And the punchline:
"By expanding the monetary base to 270 trillion yen, the BOJ is making a huge bet which I think it will ultimately lose," Fujimaki said in an interview in Tokyo on April 11. "Kuroda's QE announcement is declaring double suicide with the government. The BOJ will have to share the country's fate and default together."

"Shirakawa did more than enough and he had good reasons to not do any more," said Fujimaki. "There will be tremendous side effects from monetary stimulus. QE doesn't work and has no exit."

"Things may look rosy for now as stocks rise, but should we see hyper-inflation, JGBs will see a huge selloff, leading to a stock market crash," said Fujimaki, adding that he sold "almost all" of his Japanese stock holdings some time ago.
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