Indexical bipolarity

In global terms shares are now providing investors with the best opportunity to make money, as the US indexes have hit highs not seen for many years. In Japan you could even say, while maintaining a suitable sense of proportion, that the mood is euphoric. The Nikkei has improved by several dozen per cent since the beginning of the year. The economy, and first of all the stock exchange in Tokyo, are being boosted by fiscal stimulus from the Japanese central bank. Analysts are stressing that the policies of the largest central banks have led to a growth in the money supply, while the market for raw materials is shaky, which has turned shares into the best investment. In May, the Nikkei exceeded its level of December 2007 at the beginning of the crisis. By comparison, the WIG20 has more or less climbed halfway back to the level of that period. The weakness of emerging markets in comparison to developed ones is very much still the rule. However, according to analysts the stream of money wi