Japan has been in deflation for years, but a regime change in inflation finally may be emerging. We consider the implications for monetary policy, government bonds, and the yen.

Portfolio Managers Greg Wilensky and Jeremiah Buckley offer a framework for interpreting economic news for investment decision making.

"It is interesting to compare the performance of the German and Austrian stock markets between 1845 and 1914. Between 1845 and the 1880s, the two markets behaved similarly, in part because corporations in Austria listed on German exchanges and vice versa. The first stock to list on the Frankfurt exchange was the Austrian National Bank."

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BIS Working Papers No 1099

Monetary and Economic Department

Context is always a friend.

Many impossible things are happening in the investment world at the moment; like the bluebottle which sits upside-down on the ceiling, we have to come to realise these things were not so impossible, after all.

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10 Years Ended 31 December 2022