Japan

Highlights Recommended Allocation Quarterly Portfolio Outlook: Playing The Optionality…

Highlights Investment Grade: Investors should overweight investment grade corporate bonds relative to a duration-matched position in Treasury securities, with a particular focus on bonds that are eligible for the Fed’s purchase programs. High-Yield: Caution is still warranted in the high-yield…

Highlights The pillars of dollar support continue to fall, but the missing catalyst is visibility on the trajectory of global growth. For now, we remain constructive on the DXY short term, but bearish longer term. Market internals and currency technicals have become supportive of pro-cyclical…

Highlights Policy Responses: The COVID-19 pandemic has become a full-blown global crisis and recession. Governments and central bankers worldwide are now responding with aggressive monetary easing and fiscal stimulus. Markets will not respond positively to such stimulus, however, until there is…

Highlights The path of least resistance for the DXY remains up. The internal dynamics of financial markets remain constructive for the DXY. We explore more key indicators to complement the analysis in our February 28 report. Our limit buy on NOK/SEK was triggered at parity. We were also…

Highlights Uncertainty & Yields: Global bond yields, driven to all-time lows as investors seek safety amid rioting markets, now discount a multi-year period of very weak global growth and inflation. Bond Portfolio Strategy: Maintain overall neutral portfolio duration exposure with so much…