CW, that was taken out of a much larger summation in the Strategic September commentary.
I watch with trepidation the situation in Japan. Belting up their consumption tax won't save them. It will probably cause a short term property boom.
So all this property is bought up ahead of a tax increase (sound familiar) using borrowed money, creating a property bubble in valuations; basically funded by debt that will have, for obvious reasons, rising interest rates in the future
There's a lot happening in Japan and little is written about it.
Sorry if I didn't put the whole thing up but its a large article within 35 pages of Paterson's recommendations.
Interesting though is that, as stock brokers, they have pessimistic short term and cautions mid term views.