Deutsche Bank - "Consider this: Japanese households have accumulated almost $9trio equivalent of cash in yen over the last two decades, amounting to 54% of total financial wealth and, at around $70k per person, almost three times as much as the average cash holdings of American or European households. Given Japanese banks' propensity to recycle domestic deposits into JGBs, this has mostly happened at the expense of equities, with stocks as a result being one of the most under-owned asset in Japan. Outside of the domestic impact however, Japan's "Great Reflation" trade should also have a once-in-a-generation impact on currencies.
First, it has the potential to sustain a significantly weaker yen. (...) Second, the "Great Reflation" trade should have a disproportionate impact on currencies at the receiving end of the outflows..."
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