Japan

Japanese financial assets will finally have unfettered access to outsized returns. This performance will come in fits and starts, but we are comfortable laying our cards down on buying the yen, and Japanese industrial stocks. 

Markets are increasingly pricing an end to the global easing cycle, with many central banks expected to remain on hold. But uncertainty remains high, and policy surprises are likely going into 2026. This Strategy Report breaks down the current drivers behind G10 central bank policies, and how to position for the next moves across FX and fixed income.

Markets are increasingly pricing an end to the global easing cycle, with many central banks expected to remain on hold. But uncertainty remains high, and policy surprises are likely going into 2026. This Strategy Report breaks down the current drivers behind G10 central bank policies, and how to position for the next moves across FX and fixed income.

Japan's first woman prime minister, Sanae Takaichi, will underperform on economic stimulus but outperform on defense spending and strategic diplomacy. Stay long Japanese yen.