Robin, the denial is real, but look at who benefits from the 'Weak Yen' subsidy.

From an ChinArb perspective, a falling Yen acts as a massive discount coupon for Chinese manufacturers. China is the largest buyer of Japanese high-end machine tools and precision components. Japan is effectively suppressing its currency to lower the CAPEX cost for its biggest industrial rival.

While Tokyo worries about debt, Beijing is using the cheap Yen to upgrade its factory floor at a huge discount.