Good morning. Interesting chart on the strong improvement of external balances
of the periphery. It came at a cost, though…
…’growth’ expectations for real GDP growth in 2013 are looking dismal… Too dismal, perhaps?
Just as a word of warning. “Fears grow over EM sovereign bond bubble”
Not to marginalise a solid sell-off, but still: yesterday’s sell-off in the Nikkei put into perspective…
…and this is what’s happening this morning: nervous trading, stocks lower and headlines on BoJ buying bonds
The decline of the yen has not been because Japanese have been moving assets outside Japan, looking at this chart
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