Sure, if it's Japan. The economy shrank by 3.3 per cent in the three months to December. That makes for an annualised rate of contraction of almost 13 per cent, yet was not a quarterly aberration. At home, job losses continue to weigh on domestic demand. Abroad, demand for Japanese exports is in a nosedive. Meanwhile foreigners are selling Japanese equities. All told, Japan last year racked up its biggest net capital outflow in two decades, with some $160bn leaving the country, JPMorgan estimates (after adding net portfolio flows to direct investment and subtracting the country's deteriorating trade surplus).

Even so, the yen is undeterred. It has risen more than 20 per cent against the dollar since the end of 2007. Much of that rise follows the unwinding of the yen-funded carry trade, although there is also logic in a huge creditor nation having currency strength at a time of global credit rationing. Suffering households and companies are more likely to repatriate overseas investments. Indeed, the Japanese have been net sellers of foreign bonds in recent months and there is plenty of room for them to liquidate more; the private sector holds an estimated $1,700bn in net foreign assets. Next month is the end of the fiscal year, traditionally a time to cover positions and bring funds home. And next year's bounty may be further boosted by a tax amnesty for companies that repatriate overseas earnings. The yen's strength, in short, may be prolonged. Yet another reason to buy it, and sell Japan.