The October Tokyo CPI surprised to the upside, keeping pressure on the BoJ to resume rate hikes despite political pressures. Headline inflation rose to 2.8% from 2.5%, with both CPI ex-fresh food and “core core” (ex-fresh food and…
Markets are increasingly pricing an end to the global easing cycle, with many central banks expected to remain on hold. But uncertainty remains high, and policy surprises are likely going into 2026. This Strategy Report breaks down…
Japan's first woman prime minister, Sanae Takaichi, will underperform on economic stimulus but outperform on defense spending and strategic diplomacy. Stay long Japanese yen.
This week, our screeners explore ways to play a long-term bullish metals view, sub-sector REITS opportunities as well as Japanese Value stocks.
A world of political churn favors safe havens — buy yen, stay overweight US stocks, and avoid chasing the fragile rally in China.
Japan’s September machine tool orders rose 9.9% year-on-year to a six-month high, led by a 13% jump in foreign exports, reinforcing the growing tailwind for Japan’s industrial sector and supporting a structural overweight yen…
In this Q4 Strategy Outlook, we discuss where we stand on our recession call, the outlook for stocks and bonds in various scenarios, why investors are misunderstanding the impact of AI on corporate profits, whether the US dollar has…
Despite concerns about fiscal sustainability, a rise in term premia, and attacks on central bank independence, monetary policy remains the primary driver of bond markets. In our Q3 Review & Outlook, we update our views and…
Japanese markets reacted sharply to Sanae Takaichi’s election as the leader of the ruling Liberal Democratic Party and the frontrunner to become Japan’s next Prime Minister. The Nikkei surged 4.8% and the yen plunged nearly 2% across…
Our DM strategists recommend regional bond overweights in the UK, Canada, and Sweden, and express policy divergence through tactical FX trades: long USD, underweight GBP and SEK, and long JPY vs. EUR. Most G10 central banks are…