Looks to me they are at least as afraid of becoming the next Greece as they are afraid of nuclear contamination.
I have seen no statements about ‘spending what it takes’ to secure the safety of the world’s population and to rebuild their nation.
The prime minister isn’t saying that, probably because of his concerns about finance.
He probably believes that Japan is dependent on lenders and may be at a tipping point with a 200% debt to gdp level.
He likely believes that with one false move the government’s ability to spend could be cut off.
In fact, they have been floating trial balloons about this being the right time for a new consumption tax to pay for any rebuilding.
In fact, and ironically, the actual risks of a major yen spending initiative that did substantially increase their deficit spending is not solvency but inflation. A massive rebuilding effort would have a good chance of raising the measured inflation rate a few points, and send the currency lower as well.
Both of which they have been desperately trying to accomplish, largely with ‘monetary policy’ that has yet to restore aggregate demand to full employment levels and promote real growth after nearly two decades of near 0 rates and massive QE initiatives.
And I still don’t see how any of this makes the yen stronger.
The repatriation story is nonsense, so if that’s what’s been driving prices watch for a sharp reversal.