But this idea that all the gains will go to the owners of capital with robots is the same as the statement that all of the gains in productivity in farming would have gone to the farmers.
Japanese financial stocks, as especially the megabanks, have been in a positive feedback loop of balance sheet and income statement translation gains from a weaker yen and the prospect of increased loan volumes and interest earnings from higher domestic loan demand.
Bond prices eased somewhat as equity prices spent the first hour of trading holding on to significant gains and before the Federal Reserve makes its regularly scheduled policy statement.