Global
Top Economic Reports
April 22, 2013

By Global Economic Team|

Japan Economics: J-Insight: The Third Arrow: Can Abenomics Maintain Momentum?: The three arrows: Japan has successfully moved from "Discord to Accord" in monetary policy, the first arrow of Abenomics, as we predicted in our report of November 8, 2012. Japan has also become more aggressive on fiscal policy, the second arrow. Robert Alan A Feldman.

Greece and the Risks Ahead: Trading at Recovery Value: We are more constructive on Greece than consensus expectations. A recovery hasn't started yet, but soft data are becoming less bad, as the shocks that hit the Greek economy - including euro exit worries - are starting to dissipate, and bank deposit flows now look fully stabilised. Daniele Antonucci.

US Economics: Fed Focus: A Few Minutes on the Minutes: There are three important takeaways from this report of the Fed officials' deliberations. 1. Most of them would prefer tapering QE sometime soon, conditional on the outlook they held in mid-March.

2. Fed officials made no obvious progress in bringing their balance-sheet decisions into their overall communications strategy. 3. Most FOMC participants still anticipate the first tightening to occur in 2015, and all of those believe that the Evans threshold on the unemployment rate of 6-1/2 percent will not be breached until then.  Vincent Reinhart.

Sunday Start What Next in the Global Economy: Ok we lost, but I'm still proud the morning after the match. After all, Bayern Munich is the almighty top team in German football and my team is a real underdog: Eintracht Frankfurt only made it back into the Bundesliga last summer and the entire young team is worth less than the Spanish player Bayern bought for €40 million this season. The boys put up an admirable fight in front of 51,500 supporters but lost 0-1 through an admittedly beautiful backheel goal by Schweinsteiger, partly because we were denied a clear penalty 10 minutes before the end. This won Bayern the championship earlier in the season than any other team in the 50-year history of the Bundesliga. Yet, to me it is clear who the moral champions are! Joachim Fels.

Interest Rate and FX Strategy: J-Insight: What Will Japan's Investors Do Now?  The BoJ's action is likely to create an unprecedented JGB supply-demand imbalance. Shock & Awe - The BoJ's action is likely to create an   unprecedented JGB supply-demand imbalance. This is   intentional: the BoJ clearly stated its aim to lower yields   and reduce term premium to help support the economy  as well as catalyze rebalancing out of JGBs into riskier assets. We analyze the likely portfolio reallocation of   domestic institutional investors, along with the implications for fixed income and FX.  Robert Feldman.