The world’s biggest carry trader begins to exit its position
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But neither Japan nor America should meddle with exchange rates
As investors worry about budgetary laxity, the central bank prepares for more rate hikes
High debt, disjointed markets and pugnacious trade policy all threaten the world’s safe asset
In a time of higher inflation, a falling yen and rising bond yields make a noxious blend
High debt, disjointed markets and pugnacious trade policy all threaten the world’s safe asset
Kevin Warsh will struggle to reverse the effects of bond-buying
