Japan's PM Abe Speaks about His "Abenomics Growth Strategy", Stock Market Tanks (and Tanks, and Tanks, and...Tanks)

(UPDATE 4) Nikkei ended the day with －518.89, to 13,014.87. Intraday swing of nearly 700.

(UPDATE 3) Nikkei now 393, with 20 minutes more to trade.

(UPDATE 2) Nikkei now down 369.

(UPDATE) New York Times' Hiroko Tabuchi was tweeting that the advance copy of Abe's speech was made available to the media both domestic and foreign (but not New York Times, apparently). How much dumber can they get? A whole lot, I'm afraid.

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Nikkei was as high as 13,771, but as Prime Minister Abe spoke in the afternoon on June 5 detailing his "growth strategy", the index tanked, and it tanked fast and furious.

Nikkei is now 13,314, erasing about 460 points from the high and looks like it is digging down deeper. The red arrow is when the content of the speech started to get reported by the Japanese media (slightly before 1PM).

Whatever he said, the market didn't like that.

Of course, Nikkei blames it on higher yen first, and the hedge funds second, who, according to Nikkei, didn't think much at all of Abe's "strategy", dismissing it as "nothing new".

Well that's what Mizuho Securities' chief economist said the other day.

It's a price to pay when you let in foreign (macro) investors, who actually listen to what politicians and policy makers say and invest accordingly, to the once-boring and half-dead stock market.

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