Japanese markets have been driven by political events over the past year. After Shinzo Abe's election as prime minister ushered in an aggressive programme of monetary expansion and government spending, the Nikkei 225 index responded by reaching a multi-year high in May, before giving up some ground. The yen's performance has been nearly as dramatic. At the end of July, it had depreciated 10% year-to-date against the US dollar.
It is against these dramatic shifts that Société Générale (SG) -