A new executive team is about to take office at the Bank of Japan, but at least two of the incoming members will be wearing hats somewhat different than those doffed by employees of the central bank: The initials on their head gear will spell ABE instead of BOJ.

I have it on good authority that the overseas investment community understands these initials to stand for "asset bubble economics." Very astute of them. That said, it doesn't really require that much economic perspicacity to detect the bubbly dangers inherent in the economic policies of Prime Minister Shinzo Abe's government.

Hats were once a very important aspect of people's professional attire. This was very much the case at the Old Lady of Threadneedle Street, otherwise known as the Bank of England.