The BOJ’s Yen Dilemma
The United States and Japan have shown an unusual degree of coordination in defending the yen. Yet beneath that apparent unity lies a fundamental disagreement...
Category: Developped World
Japan’s ¥8.5 Trillion Warning: Currency Intervention Has Become Geopolitical
For decades, foreign exchange intervention was regarded as an emergency tool, deployed occasionally to smooth excessive volatility before markets inevitably reasserted the underlying economic fundamentals....
The Chip Boom Has Found Its Breaking Point
The global semiconductor sell-off is not simply another correction in an expensive sector. It is the moment when two assumptions that sustained the artificial-intelligence boom...
When Regulation Becomes a Trade War
The latest threat from Donald Trump to impose additional tariffs on European goods marks a significant escalation in the transformation of trade policy into an...
The ECB Is Fighting the Wrong Kind of Inflation
The European Central Bank has reached an uncomfortable point in the cycle. Inflation is no longer being driven primarily by excessive domestic demand, labour-market overheating...
Tariffs Are No Longer About China
The latest increase in US tariffs on Chinese imports appears, at first sight, almost anticlimactic. The Trump administration has raised the effective tariff on Chinese...
The War Bill Comes Home
Wars are often presented as strategic necessities abroad. Their economic consequences, however, are eventually paid at home. The Trump administration is now asking Congress to...
Japan May Be About to Bring Its Money Home
For decades, Japan has quietly financed a significant portion of the global financial system. Its pension funds, insurers and institutional investors have channelled trillions of...
The American Consumer Refuses to Break
For almost two years, markets have been waiting for the American consumer to capitulate. Every rise in inflation, every increase in interest rates, and every...