The failure of the yen to weaken past 100 to the dollar has caused some second thoughts in the markets, but we continue to expect the Japanese currency to fall substantially further.

Concerns about the potential impact of the end of quantitative easing ebb and flow, but we remain relatively sanguine. Detailed market forecasts will follow shortly in our quarterly publications, The...

One counter-argument to our view that the scaling back of QE3 would not trigger a rise in US Treasury yields is that "term premiums" would soar. However, the evidence is mixed.

The gold market was hit yesterday both by the prospect of an early end to the Fed’s quantitative easing and by speculation that Cyprus could be the first of the troubled euro-zone countries to sell...