The rebound in the yen and associated weakness in Japanese equities reflect fears about the outlooks for monetary policy in both Japan and the US. However, these fears look increasingly overdone.

We expect the Fed to start tapering its asset purchases around September 2013 and halt them in H1 2014. Given the large amount of Treasuries – not to mention mortgage-backed securities – the central...

Emerging market currencies have generally been hit hard over the past month, with sentiment further souring in the wake of the latest US FOMC minutes. We think many will remain under pressure this...

The markets’ honeymoon with the Abe government has ended, but it seems premature to consider filing for divorce. Indeed, the worst of the correction in the Nikkei may soon be over.