The mere promise of “Abenomics” has lifted Japanese equities by 70pc since November, with foreign hedge funds accounting for a third of all net long positions, but the dark side is becoming clear. The BoJ is purchasing enough bonds to cover 70pc of Japan’s budget deficit this year under the new governor, Haruhiko Kuroda. This is $70bn a month, almost as much as the Fed in an economy one third the size.