Corporate Revival Is Wasted In The Land Of Public Debt

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And the prize goes to…Japan. It is not China but Japan which has announced the largest global IPO in two years. Dai-ichi Mutual Life Insurance is going on the market for a staggering US$11.8bn, shortly after Japan confirmed its status as the world's second biggest economy with Q409 GDP growth of 1.1%q-o-q (4.6%y-o-y). CFW first examines whether the noteworthy IPO is symptomatic of Japan's macroeconomic recovery and then questions the sustainability of the latter.