Jun 27, 2019 | European Economy, Japan
Over the last nine months the outstanding amount of government bonds worldwide with negative yield has increased by $5.4trn to $11.7trn (using the latest daily estimate), homing in on the $12.2trn record set in June 2016. The majority is accounted for by Japan,...
Jun 13, 2018 | Featured, Framework, Global Economy, Japan, US Economy, US Equities, Whitepaper
Recessions are like death – it’s not a matter of if they will happen, but when. Morbid? Perhaps, but as Steve Jobs put it, “Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life… death...
Nov 3, 2017 | Global Economy, Japan
Much in the way that monetary stimulus has turbocharged equities, unprecedented low interest rates in developed and emerging markets have artificially compressed credit default swap spreads. As the charts below show, CDS spreads are anchored at the bottom end of the...
Dec 12, 2014 | Featured, Japan
October saw the BoJ’s announcement of increased stimulus, coordinated with the new targets for the GPIF, 25% each for foreign and domestic equities (up from 12% each), and a decrease in JGBs, from 60% to 35% of holdings. Investors, both Japanese and foreign, have...