The more (the market) believes that Abenomics has failed, the higher the yen goes... The only way out of this (deflationary liquidity trap) is a massive fiscal stimulus combined with a monetary, so it's a mixture of the two. Essentially what the Central Bank of Japan needs to do is to offer money to consumers to spend. It could rebates, it could be vouchers, it could minimum income guarantees, it could be pension support. So there has to be a coordinated policy. And I think Japan will be the first country in the world to cross this rubicon probably within 6 to 12 months. Eventually other countries will follow. U.S. will follow, China will follow, the last one to go through it will be the eurozone, probably a little bit more than 12 months maybe 24 months out. So ultimately the answer for everybody is the same, and that is that governments must nationalize capital markets.
Read info on Viktor Shvets'/Macquarie's recent research report here via ValueWalk ("Japan Is Approaching Inflection Point; Dollar Strength Could Cause Massive Global Deflationary Wave: Macquarie").