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Markets
Currencies, commodities, rates, indices and capital flows.
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Japan: Defending the Yen Moves to a New Scale
Japan: Defending the Yen Moves to a New Scale
For a long time, Japanese interventions in the foreign-exchange market followed a relatively familiar script. The yen weakened too quickly, the Ministry of Finance issued increasingly explicit warnings, and Tokyo eventually bought its own currency to remind markets that some trajectories were not entirely unconstrained.
AnalysisRecent publications
Capital: Those Who Finance the World
The global economy is usually described through those who produce. Companies manufacture, workers work, consumers spend, governments tax and invest, entrepreneurs innovate. We look at factories, technologies, markets, infrastructure and states because that is where economic activity becomes visible.
Central Banks: The End of the Interlude
For nearly fifteen years, advanced economies learned to live in a world where money cost almost nothing. Inflation was low, sometimes too low, interest rates hovered near zero, and central banks worried more about deflation than rising prices.
Hong Kong: The New Route for Russian Gold
For a long time, sanctioning a commodity essentially meant shutting it out of the major markets where it could be sold, financed and converted into liquidity. Russian gold is now exposing the limits of that logic.
Bill Gates and the Unplanned AI Era
In March 2023, Bill Gates declared that the age of artificial intelligence had begun. At the time, he compared its transformative potential to that of the personal computer, the mobile phone, and the internet. Three years later, his vocabulary has changed. Revolution has given wa
The World Under Insurance
The invisible power of those who decide which risks can still be taken
The Trading Giants: The Companies That Keep the Global Economy Moving
They do not always produce the oil, copper or wheat. Nor do they consume it. But between the two, they organise part of the world.
Financial Markets in Emerging Economies : Engines of Development, Vectors of Vulnerability, or Instruments of Resilience ?
For decades, the rise of a stock exchange, the opening of the capital account and access to international bond markets were presented as almost automatic signs that a country had entered economic modernity. An economy capable of attracting foreign investors, financing its compani