Japan is emerging from its ‘deflationary mindset’. The BoJ is at risk of overshooting its inflation target over the next couple of years. It is not so clear how to…
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The 10-year Treasury yield ended Friday at 4.21%, down from an intraday high of 4.32%, following this WSJ article. The piece may have been interpreted as indicating a Fed ‘pivot’….
The new UK Chancellor will have assuaged markets somewhat today, scrapping the bulk of Kwasi Kwarteng’s tax cuts, and announcing a significant reduction in the energy price guarantee. But the…
There are many crosswinds impacting on the direction of global sovereign bond yields. Persistent services inflation in the US and a very tight labour market (initial claims have fallen back…
The dip in 10-year US Treasury yields (back below 3%) looked set to take the pressure off Governor Kuroda and the BoJ for a while. But the yen is hitting…
A ‘rare’ joint statement issued by the government and the BoJ on Friday expressed concern over the yen’s rapid decline. However, currency intervention will be pushing on a string if…
The tepid, wholly inadequate response of the New South Wales government to the escalating climate crisis illustrates the biggest challenge facing the global economy. It is not coronavirus. The UK…
Japanese companies are investing, confronting the challenge of full employment and a labour shortage head on. Private non-residential investment was strong in Q3 (+3.5% q/q annualised). In fact, private non-residential…
There are clear signs that the tech cycle has bottomed. Last week, TSMC beat Q3 earnings expectations – in part due to 7nm chip production – and delivered significantly higher-than-expected…
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