Japan Is Winning the Battle, Not the Currency War
Japan has spent extraordinary amounts of money defending the yen. The result, so far, is less impressive. After the first coordinated US-Japan intervention since 1998,...
Hormuz Is Reopening, but the War Is Not Over
After months of military escalation, interrupted ceasefires and contradictory diplomatic signals, Iran and Oman appear to have reached an agreement on a temporary shipping route...
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 Yen Intervention Marks the Return of Currency Diplomacy
Foreign-exchange intervention is often dismissed as a temporary exercise in market management. Governments spend billions buying or selling currencies, speculators step aside for a few...
The Bond Market Has Become the Federal Reserve
Central banks are supposed to set the price of money. That simple principle has underpinned modern monetary policy for decades. Markets responded to the Federal...
Oil Is No Longer Pricing Supply. It Is Pricing Control
For much of this year, oil markets have oscillated between panic and relief. Every diplomatic headline has produced optimism. Every military escalation has restored anxiety....
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...
Emerging Markets Enter the Perfect Storm
For much of the past year, investors had begun to believe that emerging markets were finally emerging from the shadows of the post-pandemic monetary cycle....
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...