Strategy Report

Down The Rabbit Hole

15 Apr 2016

by Mathieu Savary, Chief Strategist, Developed Markets ex US & Head of Research Innovation

Japan is in a liquidity trap: bad economic news is good for the yen while good economic news is bad for the yen. Chinese reflation could help risk assets in the months ahead, but poor EM fundamentals will reassert themselves later this year. The yen bull market is not over yet. The BoC was more positive on growth than anticipated. The BoE's Super Thursday was a non-event.

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