On Japan, Australia & Earning

Japan is at an economically precarious time, William reports. GDP is barely growing, yet the BOJ is bent on monetary tightening. A new prime minister is likely to roll out fiscal stimulus measures, but Japan has the heaviest debt of any developed nation; the prospect of fiscal loosening has already roused the Bond Vigilantes. Might Trump renegotiate Japan’s trade deal? … Also: Australia’s productivity growth problem can’t be solved by monetary policy; what’s needed are government leaders willing to make bold fiscal reforms. But reformist energy is in short supply in Canberra. … And: Q3 estimate revisions data for S&P 500 companies suggest to Joe yet another quarter of impressive y/y growth.