Good morning. Japanese bond yields hold the key of success of the Japanese plans: if they move higher, things could go wrong… Let’s hope that this is a one of quirk

http://www.zerohedge.com/news/2013-04-05/it-beginning-biggest-jgb-price-collapse-over-10-years-triggers-tse-circuit-breakers

And this (huge) youtube clip explains why. In a simple way.

And this is what the Financial Times makes of it:
http://www.ft.com/intl/cms/s/0/d12ff8e4-9d13-11e2-a8db-00144feabdc0.html

Ah well, and it being Friday, here is another video on technological change in a chip-plant… (via Greg Mankiw)

The comeback of capital controls by the Economist (paywall)

http://www.economist.com/news/finance-and-economics/21575793-cyprus-only-latest-country-restrict-movement-money-cash-cowed

It is earnings season again!

http://www.bespokeinvest.com/thinkbig/2013/4/4/earnings-season-cometh.html

In case you have missed it: Emerging Markets stocks have been underperforming heavily…

http://www.businessinsider.com/goldman-sachs-slipping-into-slowdown-2013-4

I am not sure if it is possible to construct this chart, but since I am looking at it, apparently it is

http://www.businessinsider.com/minack-american-manufacturing-renaissance-is-bearish-2013-4

High Yield issuance is heading for a new record year, by the looks of it…

http://www.bondvigilantes.com/blog/2013/04/04/caveat-emptor-new-deals-in-the-high-yield-market/

Remember those days? (and no, I don’t either. ;-)) via @leonmwc

http://www.slate.com/blogs/behold/2013/04/03/garry_winogrand_a_look_back_at_one_of_america_s_most_prolific_photographers.html

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