Asian stocks firing
Asian stocks are on a roll, and with Japan's economy showing some signs of life the Nikkei 255 has surged to its highest close since December 1996.
Stock valuations in Japan are up by more than a third over the past year, and the index has now more than doubled since Q4 2012.
In an age when everyone wants to talk about bubbles, the 40 year Nikkei 225 chart is a prime example of what a genuine asset price bubble looks like.
The Japan economic bubble of the 1980s also saw land values increasing at an out-land-ish pace.
Unfortunately, Japan had weak demographics and suffered from years of deflation.
As such Japan has become a template for what can happen if an economy is allowed into a deflationary spiral - which in part explains why policy makers in developed economies will go to such extraordinary lengths to ward off deflation risk today.