Japan Economics Weekly Stealth intervention would be costly With the yen falling to a 24-year low against the dollar, the government this week requested exchange rate quotes from the banks which some see as a precursor to intervention. Apart from the Ministry... 16th September 2022 · 5 mins read
US Commercial Property Update Which apartment markets look most overvalued? A forward-looking fair value analysis of the 17 apartment metros that we forecast suggests that Phoenix and the Western markets look most overvalued. This insight underpins the changes to our yield... 14th September 2022 · 3 mins read
Global Markets Update Are markets really braced for further volatility? Despite the rise in volatility lately, compensation for risk across several major asset classes still seems quite low relative to history. That means, in our view, that if volatility were to remain... 9th September 2022 · 6 mins read
Japan Data Response Japan Labour Cash Earnings (Jul. 22) Labour cash earnings growth weakened slightly in July as growth in bonuses slowed and further moderation is in store from August with the end of the summer bonus season. 6th September 2022 · 2 mins read
US Commercial Property Data Response US Metro Employment (Jul.) Almost all metros saw further gains in total employment in July, with Dallas continuing to lead, and joined by Houston, Charlotte and Miami as the fastest growers. But office-based employment growth... 31st August 2022 · 3 mins read
Japan Rapid Response Japan Industrial Production & Retail Sales (Jul. 22) 31st August 2022 · 2 mins read
Japan Economics Update Terms of trade shocks will hold back recovery Japan is facing its largest terms of trade shock since the second oil crisis in the early-1980s. While we don’t expect Japan to follow other advanced economies into recession, we’re slashing our 2023... 30th August 2022 · 3 mins read
Japan Data Response Labour Market (July 22) The unemployment rate stayed unchanged in July and we do not see much room for further tightening in the labour market in 2022. 30th August 2022 · 2 mins read
DM Markets Chart Pack We think risky assets will struggle as optimism fades The rebound in the prices of “risky” assets has stalled recently and we expect it to go into reverse over the rest of this year as economic growth in many major DMs disappoints and appetite for risk... 26th August 2022 · 9 mins read
Japan Economics Weekly Kishida eager to revive nuclear energy August’s Tokyo CPI showed a further jump in electricity prices. Against this backdrop, PM Kishida announced that he wants to restart more nuclear reactors and build new ones, but it remains unclear... 26th August 2022 · 8 mins read
FX Markets Update We expect real yields to remain a drag on European currencies A shift in implied real yield gaps between the US and some other developed markets (DMs) have underpinned the latest rise in the greenback. We think the ongoing energy crisis in Europe means that... 25th August 2022 · 3 mins read
