Speaking of cyclical fluctuations, several developments are worth watching. (hussmanfunds.com)
As I detailed in Survival Tactics for a Hypervalued Market, the «errors» between actual market returns and those that one would have expected (on the basis of reliable valuation measures 12 - years earlier) are tightly correlated with by cyclical fluctuations in consumer confidence (h / t Mark Louis for that insight). (hussmanfunds.com)
But even during this decade of underperformance, Japan has gone through cyclical fluctuations around that trend, and it is at least clear that they are in the upward phase of one of these cycles at the moment. (rba.gov.au)