Apparently the recent events in Japan were just the sort of 'excuse' Ben Bernake, et al have been waiting for.
“The combined impact of the Middle-East crisis and the earthquake will increase the home bias, the tendency to invest close to home, as cash becomes king, and Japan is by far the biggest capital exporter over the last decade, despite all the talks of China,” Jakobsen noted. Eventually the yen could trade at 65 to the dollar, which would raise the cost of capital as “global recycling short-circuits,” he said. “We are also entering financial year end for corporate Japan, which can only add to the volatility. Despite all this, there is fair chance that this is merely a correction," Jakobsen said. "There is political will and demand for further stimulus.” The earthquake and situation in the Middle East will provide an excuse for the Federal Reserve to buy more bonds (QE3) and for the European Central Bank and the Bank of England not to raise interest rates, he added.