August 2024
China’s refusal to tackle local government debt is a looming disaster
Beijing’s reluctance to surrender control to local authorities or take on more responsibility is a key impediment to solving the country’s challenges.
China’s bond market is sending a warning signal to the world
Soft yields are a vote of no confidence in Beijing’s policy, a forecast that economic conditions will not improve and a warning that deflation will take root.
March 2024
As Japan lifts interest rates, the real tests are yet to come
It is what the US Fed does rather than the Bank of Japan that will decide whether the country returns to solid growth or not.