Today’s Flow of Funds report published by the Federal Reserve suggests that the stock market is significantly overvalued by historical standards. We think the degree of overvaluation is much less than...

The yen’s safe haven status has been challenged by expectations of aggressive monetary expansion by the Bank of Japan and the swing in Japan’s trade balance from surplus to deficit. However, even if...

The partial rebound in the yen and latest wobble in the Nikkei may simply be a pause in the trends of weakness in the Japanese currency and associated strength in equities, which would not be unusual...

We think the biggest falls in the pound may now be behind us. Granted, Moody’s decision to strip the UK of its AAA rating drove the currency down even further early on Monday. But sterling was fairly...