Dollar-denominated emerging market bonds aside, most risky assets began the New Year with a bang amid a further easing of tension in the euro-zone and broad-based signs of improvement in global economic data. Japan’s stock market was once again the star performer among those in the major developed economies. It benefited from a further sharp fall in the value of the yen, both before and after the Bank of Japan announced open-ended easing to meet a new higher inflation target.
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