Insights

Investment Insights by our experts and thought leaders

Japan plays the long game to keep structural recovery intact

Japanese equities have not been immune to tariff worries. However, it is worth remembering that Japan is playing the long game: the country is undergoing structural reflation driven by factors unlikely to be reversed by market volatility or bad news on US trade.

Navigating Japan Equities: Monthly Insights From Tokyo (June 2025)

We discuss how growing calls to reduce Japan's consumption tax rate provide a chance to focus on how consumption can be stimulated, potentially triggering a secular change in spending behaviour; we also assess the recent surge in super-long JGB yields and its possible implications for monetary and fiscal policy.

Balancing Act Monthly Insights: Global Multi-Asset (May 2025)

In this month's Balancing Act we review Q1 corporate earnings, which have been more resilient than expected; from a defensive standpoint we also discuss our cautious view on gold.

On the ground in Asia-Monthly Insights: Asian Fixed Income (April 2025)

Against a more challenging but still benign macroeconomic backdrop, we expect Asian corporate and bank credit fundamentals to stay resilient, aside from a few sectors and specific credits which may be affected by tariff threats or geopolitical dynamics.

Harnessing Change-Monthly Insights: Asian Equity (April 2025)

We can expect more aggressive policy support from Chinese authorities over the next several months for consumption and business activities, prompted by the still uncertain global trade situation. Despite the ongoing volatility and uncertainty surrounding US-China tariff policies, there are encouraging signs that the situation may improve.

We are all Bayesians now: why the US bond market is pivotal

Moody's downgrade of the US offers a chance to assess the relationship between the US administration and the bond market and examine the implications of persistent budget deficits, market reactions, trade tensions and policy decisions.

Global Equity Quarterly (Q1 2025)

We firmly believe that markets remain inefficient, and the last few months are testament to that. Hence we face today's uncertainty level headed, attentive to where risks lie while also inquisitive about the potential opportunities.

Balancing Act: Global Multi-Asset Quarterly (Q1 2025)

Speculation over the actions of the US administration had a major impact on asset markets throughout the January-March quarter, with volatility dominating towards the end. We trimmed our overweight score in growth assets during the quarter, while we kept our view of defensive assets marginally positive.

Trump’s first 100 days: a new economic regime takes shape

With a new economic regime potentially taking shape, we believe that now is an opportune time to consider an active global fixed income approach to navigate what is likely to be a prolonged period of uncertainty.

Navigating Japan Equities: Monthly Insights From Tokyo (May 2025)

While the “tariff crisis” may have clouded Japan’s economic outlook, the prospects are certainly not opaque as it may look to reduce the role of US exports. Trade tensions have also prompted the Bank of Japan to hold monetary policy steady, but the central bank is still seen to be on course to hike interest rates in the longer term as it takes into account the continuous rise in domestic inflation.
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