The Japanese Nikkei index may have reached its all-time top, unless the Bank of Japan (BoJ) pulls back the monetary weapon. Macro-economic data from Japan are bad and the GDP contracted 1.6% in the last quarter after tumbling 7.3% in the previous one. Following two quarters of GDP’s contraction, Japan has come back into recession. If one does not include inflation, it means Japan’s economy has contracted by about 3% on an annual basis; further strengthening fears of a global economic growth’s slowdown and questioning the relevance of the Abenomics. As a result, the second VAT increase scheduled for 2015 will likely be postponed while the Yen has never been so cheap.