Bonds have generally fared much better the equities since the turn of the century. We do not expect this pattern to last. If we are right, this could have serious repercussions given the very...

Expectations that the yen is about to fall sharply could increase the attractiveness of “carry trades” and hence become self-fulfilling. However, with global interest rates likely to remain low and...

There is still widespread confusion and uncertainty over the impact that the Basel III regulations might have on the demand for gold. Gold is an “asset” rather than “capital” and therefore...

Next month’s elections in Japan are unlikely to mark the major shift towards yen weakness that many now anticipate. To be clear, in the next 3-5 years the yen probably will fall sharply. After all...