Up until a while ago, it was the government bond market that was going to crash in Japan if the government didn’t do something serious about implementing fiscal austerity. The bond market is still very healthy and yields are very low around the world and in Japan negative on some government bonds and bills. With that scare campaign defeated by reality, the doomsayers are now moving into making predictions about equity markets. The latest is that the Nikkei is about to crash unless the Japanese government significantly tightens fiscal policy some more. Remember this is in the context of a 3 percentage points rise in the sales tax in April which left consumers flat and real GDP growth collapsed in the second-quarter as a result.