Japan targets the stock market

The Nikkei at 13,000 is the new target.

Japan's stock market is on a tear today, apparently due to yet another unconventional economic move from its populist right-wing government. After attacking its central bank's independence, "nationalising" industrial stock and announcing a £70bn stimulus package for the stagnant economy, the country's economic ministry made another shock move over the weekend.

Akira Amrai, Japan's economic minister, said in a speech that:

It will be important to show our mettle and see the Nikkei reach the 13,000 mark by the end of the fiscal year (March 31)… We want to continue taking (new) steps to help stock prices rise.

Before and after… the Nikkei jumped 200 points after Amrai's comments.

The Nikkei at 13,000 would require 17 per cent growth in the next two months, which is ambitious. But now that we've had a change to see how the market reacts to such the move, it's looking very possible indeed.

The government announcing it has a stock market target is largely a self-fulfilling prophecy: stock markets tend to price in future gains, and a government announcing that a certain level is now a matter of policy is as near certain as gains can get. Even if it undershoots, it's still clear that the statement has helped Japanese companies. The biggest direct concern is that such a statement might lead to a dangerous asset bubble, but a Nikkei of 13,000 would, if anything, remain underpriced. So long as the government doesn't get carried away with its success, the move seems to be a smart one.

Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Battle of the banners: how the disputes of football took to the skies

Across the top of the screen floated a banner, pulled by a little aeroplane: IN ARSENE WE TRUST.

Last weekend, during the West Brom-Arsenal game, I began to think my hearing was playing up again. I’ve been given hearing aids but don’t wear them. No, not vanity, it’s just a faff to put the things in and the quality of my life, which is excellent, is not being impaired. Anyway, as I live on my own, if the sound on the telly is too low, I put it up. No one knows or cares.

When I’m out entertaining lady friends at my local bistro, I always get a quiet table in the corner and sit facing them, all rapt attention, totally focused on them, so they think. It’s really just to help my hearing.

On the TV screen, I suddenly heard an aeroplane, which was weird, as there was no sign of it, but then hearing problems are weird. Children talking sounds deafening. Some consonants disappear. Could it be a helicopter on the Heath, taking some injured person to the Royal Free? At our Lakeland house, I often heard helicopters: the mountain rescue team, picking up someone who had collapsed on Grasmoor. So I do know what they sound like. But this sounded like Biggles.

Then across the top of the screen floated a banner, pulled by a little aeroplane: IN ARSENE WE TRUST. The score at the time was 1-1, Arsenal having just equalised. They eventually got beaten 3-1. Oh, the shame and irony.

Apparently, earlier in the game, according to newspaper reports the next day, there had been an anti-Wenger aeroplane banner: NO CONTRACT, WENGER OUT. I didn’t see it – or Sky TV didn’t show it.

Where do the fans or supporter groups get all the money? And how do they organise it? There is a theory that IN ARSENE WE TRUST was paid for by Arsène himself. Another, more amusing theory is that it was a group of Spurs supporters, desperate for Arsène to stay on at Arsenal and continue getting stuffed.

There have been a few similar aeroplane banners at football matches in recent years. There was one at Newcastle, when they were playing Sunderland, which read 5 IN A ROW 5UNDERLAND. Sunderland won, so it came true. Sent the Geordie fans potty.

Everton fans flew one in 2015 which read KENWRIGHT & CO TIME TO GO. He is still chairman, so it didn’t work.

Millwall fans did an awfully complicated one in 2011 at Wigan, during the Wigan-West Ham game, which resulted in West Ham going down. They hired a plane to fly overhead with the banner AVRAM GRANT – MILLWALL LEGEND. Now you have to know that Grant was the West Ham manager and Millwall are their rivals. And that they couldn’t fly it at West Ham itself, which could have caused most fury to West Ham fans. There’s a no-fly zone in London, which stops rival fans hiring planes to take the piss out of Chelsea, Arsenal and West Ham. The Millwall supporters who organised it later revealed that it had only cost them £650. Quite cheap, for a good laugh.

There’s presumably some light aeroplane firm that specialises in flying banners over football grounds.

I do remember a few years ago, at White Hart Lane and Highbury, walking to the grounds and looking out for blimps flying overhead – small, balloon-like airships mainly used for promotional purposes, such as Goodyear tyres or Sky’s aerial camera. The results were pretty useless, showing little. I haven’t seen any recently, so presumably blimps aren’t allowed over central London either.

I am surprised drones have not been used, illegally, of course, to display obscene messages during games. They could drag a few pithy words while on the way to drop drugs at Pentonville Prison.

The history of aeroplane advertising goes back a long way. Before the Second World War, Littlewoods and Vernons football pools were fighting it out for dominance, just as the online betting firms are doing today. In 1935, Littlewoods sent planes over London pulling banners that proclaimed LITTLEWOODS ABOVE ALL. Jolly witty, huh. 

Hunter Davies is a journalist, broadcaster and profilic author perhaps best known for writing about the Beatles. He is an ardent Tottenham fan and writes a regular column on football for the New Statesman.

This article first appeared in the 23 March 2017 issue of the New Statesman, Trump's permanent revolution