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The extent to which there is a carefully veiled threat inherent in the extraordinary letter is subject to interpretation, but its concern cannot be discounted.

Japan is not the only foreign company with a big stake in the outcomes of Brexit. That U.K. voters have put their nation on an adversarial path with the political entity they can most ill afford to alienate suggests a glib dismissal of its eventuality resulted in a dearth of information being made available to the electorate ahead of time — a situation I’m sure has caused a certain level of regret from David Cameron on down.

Regardless, we have similar such votes ahead that may yet increase existential doubts surrounding the European Union.

Italy, for example, is conducting its own referendum in late November or early December that, if the verdict is similar to the U.K.’s, will result in the end of Prime Minister Matteo Renzi’s constitutional reform program, as well as the end of Italy’s membership in the EU.

Scotland, too, is preparing its own follow-on referendum to determine the willingness of its people to abandon the U.K., which points to the potentially fractious echo that Brexit has initiated throughout the European Union. Spain too, has major unity problems percolating, as the state of Catalonia’s own independence movement gathers steam.

At any rate, criticizing central bankers based on present circumstances for pre-emptive moves that are forward looking is just a waste of ink. There are so many more issues we have to base our criticism of central bankers on.

James West is an investor and the author of the Midas Letter, an investing research report focused on Canadian markets. The views expressed are his own and are presented for general informational purposes only.

James West and/or associated funds do not own shares in any securities mentioned in this article. For the full Midas Letter disclosure policy, click here. Postmedia and Midas Letter have a revenue sharing arrangement.