"There Is No Alternative"

Risk capital is fleeing to the U.S., the last "safe haven" momentum circle jerk... 

Globalization is a zero sum game, so if someone is "winning", that means someone else is "losing"...

The BOJ owns more than half of Japan's ETFs, which for anyone with an IQ greater than 5, means "SELL". "Abenomics" was predicated upon strong dollar, and now that the U.S. economy is imploding, that's not going to happen...

Two largest U.S.-listed Japan funds shed almost $10 billion
Roughly equal withdrawals from the hedged and unhedged ETFs

Investors have pulled $5.1 billion from the fund this year, the third-largest withdrawal of all U.S.-listed ETFs. The larger iShares MSCI Japan ETF has seen $4.8 billion in outflows over the period, the fifth-biggest amount.

The fact that the unhedged fund has seen massive currency gains, has meant nothing. No one wants to hold worthless assets. Except Central Banks. The buyer of last bagholder resort.

Anyone who owns any asset not yielding 0% and otherwise going nowhere better figure out who is the last fool. Because it's more than likely them at this late juncture. 

“We’re moderately underweight on developed international markets like Europe and Japan because we don’t see that same level of economic opportunity that the U.S. has,”

"Avoid China, Japan, Europe, Emerging Markets, and Commodities. Focus on the S&P 500 and pray that another fool takes you out of the trade before it gets marked to reality'"

Weak dollar and cancelled recovery is the new global "safe haven"...

Unfortunately, zero sum game, means the majority can never be "right"...

You can run, but you can't hide. In risk assets...