Part 5 of our Nomura - University of Sheffield research on the social pillar of ESG in East Asia examines gender balance across top companies in South Korea and reveals the industries most favorable to women.
5 min read | September 2022
We explore the greater than expected power demand in Japan and the impact of demographic changes in South Korea.
21 min video | September 2022
Asia’s growth cycle is nearing an inflection point. It’s a tale of an interrupted recovery in the region, even as we expect the US and Europe to slip into mild recessions soon.
4 min read | September 2022
Our weekly updated overview highlights the key releases of global economic market data from around the globe and provides an economic outlook for the rest of 2022 by region.
3 min read | September 2022
Part 4 of our Nomura - University of Sheffield research on the social pillar of ESG in East Asia examines how diversity & inclusion, human capital and employee representation will inform South Korean company performance over the long-term
5 min read | August 2022
We take a look at the resilience of green energy stocks amid a broad-based stock market downturn in the first half of the year.
23 min video | August 2022
We discuss how how the best firms try to align their employees’ values and objectives with their own
0 min read | July 2022
Our Japan economist and Global Macro strategist share their thoughts on how recent market conditions impact Japan and the BOJ's policy around yield curve control
26 min video | July 2022
In addition to the US, we now expect recessions in the euro area, UK, Japan, South Korea, Australia and Canada
3 min read | July 2022
A global push for mandatory climate disclosures will encourage companies to improve their environmental performance
There will be more change in the mobility industry over the next 10 years than the last 50 years combined
Part 2 of our research project between Nomura and the University of Sheffield on the social pillar of ESG in East Asia, highlights how the best companies align employees’ and the firm’s values and objectives.
4 min read | July 2022
EVs are expected to account for 50 percent of global car sales by 2035
3 min read | June 2022
With a valuation cushion, Asian stocks are relatively insulated from a US stock sell-off
5 min read | June 2022
Fed’s pace of rate hikes this year will depend on inflation
2 min read | June 2022
Japan’s largest natural resource is the underutilized talent of Japanese women
As border restrictions are relaxed, tight labor market conditions could ease
Part 1: History and Social Principles
A research project between Nomura and the University of Sheffield’s School of East Asian Studies to explore the Social pillar of ESG with a particular focus on measuring employment in South Korea.
18 min video | June 2022
Investors and corporates are looking to finance to tackle gender inequality in Japan.
4 min read | May 2022
Some of the biggest global investors including Japan's Government Pension Investment Fund are using computer algorithms to gain deeper insights into the ESG effectiveness of companies they invest in.
4 min read | April 2022
The results of Nomura Securities’ December 2021 Individual Investor Survey reveal that Japan retail investors are increasingly interested in ESG-aligned financial products.
3 min read | April 2022
Our Japan economists share their thoughts on the recent JPY weakness and what we can expect ahead from policy makers.
26 min video | April 2022
Amp Energy, a global renewables developer, secured a unique $350 million credit facility that could double in size to help it develop solar projects spanning the globe.
3 min read | March 2022
Southeast Asia, a region prone to nature’s wrath, is accelerating efforts to lay down a classification system that will promote transparency around green activities.
5 min read | March 2022
ESG is starting to influence the trading floor as desks from equities to currencies are being asked to justify their green credentials to win mandates.
3 min read | February 2022
We discuss the BOJ’s policy stance, the path forward and the “noise” around monetary policy as global inflationary pressures build.
44 min podcast | January 2022
We discuss key events and themes to track in 2022, and how they might affect our views.
57 min video | January 2022
China committed to net zero by 2060 but what will it take to reach that goal for the world’s biggest energy consumer?
5 min read | January 2022
Our Japan Macro and FX strategy team share their thoughts for Japanese markets in the year ahead
26 min video | January 2022
Japan’s brand of community capitalism is experiencing a renaissance that fits into today’s societies as companies grapple with incorporating social issues into their business models.
Nomura’s first global sustainable finance event addressed a full range of ESG topics from COP26 to the green energy transition and lessons from Japan’s employment model in a post-Covid world.
12 min video | December 2021
High inflation has central banks feeling the heat, but by late 2022 we see a very different backdrop, with stagnation a bigger risk than stagflation.
4 min read | December 2021
Our strategists share their top FX and rates views in 2022
30 min podcast | December 2021
Looking into 2022 - what to expect
60 min video | December 2021
We are cautious on Asia’s economic outlook in 2022 as the emergence of the Omicron variant reminds us that the pandemic is far from over.
2 min read | December 2021
32 min podcast | December 2021
Nomura’s Japan experts outline what’s on the horizon as the country’s economy approaches the endgame of the Covid-19 pandemic
3 min read | December 2021
Why is tourism in ASEAN is likely to disappoint ahead?
22 min podcast | November 2021
The endgame of Covid-19 leaves economists in a challenging position; in many ways, the outlook is more complicated now than it was at the onset of the pandemic.
28 min video | November 2021
As corporates grapple with the growing need to reduce emissions and minimize the environmental impact of their products and services, the demand for sustainable infrastructure is rising.
3 min read | November 2021
COP26 highlights: debate on ending coal use, US-China agreement, 1.5°C target
5 min read | November 2021
Tax reforms are expected to improve the government’s overall fiscal position, but does not address some longer term issues such as a high VAT coverage threshold.
The endgame of Covid-19 leaves economists in a challenging position when making long-term forecasts. In many ways, the outlook is more complicated now than it was at the onset of the pandemic.
Megadroughts in some US states could be a recurring phenomenon yet they offer a chance to revitalise a dated and inefficient water system.
7 min read | November 2021
Ahead of COP26 in Glasgow, five sustainability experts across Nomura reflect on the issues that will be discussed to help the global economy reach net zero carbon emissions and keep the planet below 1.5°C
8 min read | October 2021
Despite a faster-than-expected recovery from the pandemic, structural headwinds are expected to result in lower economic growth in South Korea.
28 min video | October 2021
Jeff McDermott, Nomura’s newly appointed Global Co-Head of Investment Banking talks about the pressing need for Asia to decarbonize and how Nomura can be a force for good in transitioning companies to greener energy.
15 min video | October 2021
In this Macrobrew@Nomura session we discuss China's outlook.
60 min video | October 2021
The launch of a new taskforce to protect biodiversity, highlights human reliance on nature to the tune of $44 trillion, and promises to shift financial flows to limit the damage.
4 min read | October 2021
Green, social and sustainability bonds in Japan are seen as instrumental in achieving the UN’s Sustainable Development Goals and addressing the nation’s social issues
5 min read | October 2021
Regulators across the world are revamping ESG disclosure rules to reduce greenwashing and catch up with demand from investors struggling to decipher how green their investments truly are.
6 min read | October 2021
Asia's tech cycle and growth opportunities to watch.
26 min podcast | September 2021
Chris Leslie, Global Head of Sustainability at Macquarie Asset Management explains to Nomura Greentech how the Australian finance firm is well on track to be carbon neutral thanks to a shift in culture.
3 min read | September 2021
Outlook for Japan and markets ahead of the election.
30 min podcast | September 2021
The ECB looks set to conclude its pandemic response program (PEPP) and step up its asset purchasing program (APP) in its stead.
5 min read | September 2021
An unconventional branch of finance looks set to play a bigger role on the world stage amid a growing realisation that urgent action is required to meet climate targets.
As ESG investing gains momentum, we explore the factors that point toward this being more a genuine lasting shift than a short-lived fad
9 min read | July 2021
Cassandra is currently highlighting six economies – including the US, Japan and Germany – that could be subject to a financial crisis in the next 12 quarters.
2 min read | June 2021
Businesses must move from corporate social responsibility to being responsible social corporations.
5 min read | June 2021
We expect strong earnings recovery this year for Asia ex-Japan equities and double-digit earnings growth in 2022.
Commodities and inflation are rising, how will they respond across the pond?
29 min podcast | June 2021
China, which staged a sharp rebound in economic growth could face downward pressure into the second half of the year. Japan's recovery hinges on the acceleration of its vaccination program.
3 min read | June 2021
Global M&A saw a marked increase in the wake of the pandemic, but is this rise here to stay, and if so in which sectors?
6 min read | June 2021
Various approaches to carbon pricing have been trialled in financial and capital markets, illustrating major changes in Enterprise Value.
It is time for global investors to recognize China's scale and complexity, consider it a separate asset class and dedicate more resources and funds to this market.
An overlay technique of consensus-ratings to improve the ESG quality of portfolios
We discuss the impact of this recent wave of Covid-19 infections.
35 min podcast | May 2021
The Global semi-conductor chip shortage and impact to markets.
26 min podcast | May 2021
The pandemic has spurred a reset in values regarding social and environmental stewardship.
4 min read | April 2021
The surge in Covid-19, and it's impact on India's outlook
34 min podcast | April 2021
Outlook for ASEAN economies.
27 min podcast | March 2021
Which Emerging Markets are at risk of an exchange rate crisis?
22 min podcast | March 2021
We see two key longer-term factors supporting RMB appreciation.
30 min podcast | March 2021
How will the upcoming BoJ and ECB meetings impact monetary policy strategy and markets?
43 min podcast | March 2021
As part of global moves toward reducing carbon emissions, attention will likely focus on the debate surrounding carbon pricing in 2021.
3 min read | March 2021
A pillar of US President Joe Biden’s bid for the presidency was the radical reform of US environmental policy, but what will it mean for Asia?
3 min read | January 2021
The still-raging pandemic produced a unique recession in 2020, but what does the future hold?
4 min read | December 2020
We are overall quite positive on the outlook for Asia in 2021, with an above consensus GDP growth rebound.
6 min read | December 2020
ASEAN countries have made significant advances in reducing poverty and improving human development but improvements in gender equality and social mobility have been slow.
What will 2021 mean for Asia's outlook?
30 min podcast | December 2020
Dual circulation strategy is a combination of import substitution and domestic demand expansion. It seems to be a natural growth strategy for China.
2 min read | December 2020
Growing recognition of the criticality of decarbonising the world’s economies has lead to Carbon Pricing, but how does it work?
3 min read | December 2020
Is China becoming more self-sufficient?
3 min video | November 2020
Following the recent US elections, we explore the likely impact of Biden’s policies on Asia’s economies.
10 min read | November 2020
The global pandemic and increasing severity of climate change are redefining how risks are managed and opportunities captured in the financial sector. Our inaugural ESG conference on October 21-22, 2020 took a deep dive into these areas and the sustainable finance trends shaping the decade ahead, with a focus on Asia.
7 min read | November 2020
Companies overcoming cash flow issues caused by the pandemic may have to curb capex due to rising debt
2 min read | November 2020
Is Indonesian 'helicopter money' keeping their economy aflight?
26 min podcast | October 2020
We talk with Robert Dent, from our US economics team, on the outlook for the US after the first TV debate.
17 min podcast | October 2020
If Biden wins in November, he is likely to usher in a new set of US economic objectives and policies.
4 min read | September 2020
With a change in leadership after the resignation of Prime Minister Shinzo Abe, what's next for Japan?
17 min podcast | September 2020
Since lockdowns began to be lifted different sectors across Europe’s large economies have performed in different ways. But retailing – almost universally across developed markets – has rebounded at a far quicker pace.
3 min read | September 2020
Will the European Central Bank follow in the Fed’s footsteps and implement average inflation targeting?
5 min read | September 2020
6 min read | September 2020
ESG investment in Japan is taking off, attracting intense demand from institutional investors. Financing ESG projects has moved from simple green loans to a highly diversified range of products, in which Nomura has a long history of innovation.
4 min read | August 2020
The tide of deglobalization is reshoring and gathering momentum, who is set to benefit?
3 min read | August 2020
Nomura forecasts real growth outpacing potential growth during normalization
2 min read | August 2020
For economies to stay afloat, historic amounts of fiscal and economic stimulus have been provided, but how will this sovereign debt be repaid?
The eSports ecosystem and related industries are expected to grow even after the current pandemic we are experiencing passes.
5 min read | August 2020
The world remains in the grip of Covid-19, but the pandemic can also serve as a catalyst for change that can shape the world for decades to come.
3 min read | July 2020
In this episode of our Fireside Chat series Jordan talks with Marco Brancolini from our EUR rates desk strategy team on the EU recovery fund.
21 min podcast | July 2020
Deliberations on post-Covid Japan to get underway in late July, and interim review of the action plan is expected by end-2020.
2 min read | July 2020
NRI issues Japan’s first bond offering using blockchain technology through “ibet,” a new open source blockchain platform developed by BOOSTRY, NRI’s joint venture with Nomura Holdings.
4 min read | June 2020
As with most other industries, the lockdowns imposed due to Covid-19 have resulted in a change in global commuting patterns. Is the worst behind us?
With Covid-19 being a common factor affecting the economy across industries, we also take a look at its impact on capital markets and what that means for sustainable finance.
During our virtual Nomura Investment Forum Asia conference this year, our equity strategists explain what the outlook of Asia equities will be in the near future.
2 min read | June 2020
During our virtual Nomura Investment Forum Asia conference this year, our economists explain what the global economy is going to look like in light of Covid-19 and other global events such as the United States election.
3 min read | June 2020
Companies and investors set to benefit from new issuance of convertible bonds as they provide flexible finance solutions to corporates and high returns to investors.
1 min read | June 2020
Basic strategy likely to involve shift to sectors with high intrinsic growth rate (alpha)
3 min read | April 2020
Damocles is based on a noise-to-signals approach in which we use eight key indicators to predict currency crises in 30 emerging market (EM) countries; this approach has correctly predicted 67% of the 54 crises since 1996.
1 min read | April 2020
In this episode of our Fireside podcast series Jordan Rochester and our Chief China Economist Ting Lu discuss the outlook for China.
24 min podcast | April 2020
Our Chief Euro Area Economist George Buckley and FX Strategist Jordan Rochester discuss what the future holds for Europe under lockdown.
19 min podcast | April 2020
Our weekly update on the global economic impact Covid-19 has had on GDP, and provide their base, good and bad scenarios.
Japan's senior society facing severe economic cycle
3 min read | March 2020
Attention is focusing on the global IT cycle following the launch of commercial 5G services. Global semiconductor sales bottomed out in 2019 H1 and recovered in the summer.
4 min read | February 2020
New year, new decade, new risks?
2 min read | January 2020
Global growth appears set to bottom out. However, we expect 2020 to be a year of global growth consolidation than a full-fledged recovery.
17 min video | January 2020
5 min video | December 2019
We expect Japan to remain on a path of “steady but slow” economic growth in 2020.
1 min video | December 2019
NAM’s Innovation Lab Department and the Graduate School of Information Sciences, Tohoku University explore practical application of quantum computers especially in the machine learning field.
4 min read | November 2019
Client demands for speed and efficiency, coupled with regulatory pressure for transparency, will continue to drive the growth of electronic trading, including trading of more complex products
Asia's healthcare sector has been deploying innovative strategies that are transforming the industry and creating new investment opportunities.
6 min read | October 2019
Where has the East met the West to create beautiful gardens
2 min video | October 2019
Expectations are growing that the BOJ will decide to further loosen monetary policy.
5 min read | October 2019
We update and expand the scope of our analysis for the impact for global automakers, and the intensity of the fallout from a hard Brexit.
2 min read | October 2019
Nomura supported the Economist Intelligence Unit (EIU) in the creation of a deep dive podcast series looking into the future of Japan and where their culture, economy, and government will be by 2030 and beyond.
20 min podcast | September 2019
We have been downbeat on the global economic outlook, primarily due to our views on US-China trade frictions. Prior to the trade truce in Osaka, we established our base case in which the US imposes 25% tariffs on all Chinese imports and China retaliates before the end of the year. We stand by this forecast as tariff threats continue to escalate.
2 min read | September 2019
The Japanese connect with horticulture in a deeply spiritual way. From fleeting Spring time celebrations to ancient traditions, the well-tended garden is something of great reverence for the Japanese.
| August 2019
Bonsai trees and shrubs encapsulate the serenity of Japanese culture. But these miniature wonders require diligence, commitment and attention to detail. Even a casual observer can appreciate the painstaking processes that underlie bonsai’s simple beauty.
3 min read | August 2019
Every tree starts with a seed or a cutting. And a bonsai, while timeless and breath-taking, is just the same.
As a pillar of Japanese culture, few things bring peace and enlightenment to the Japanese more than bonsai. In fact, some believe they have been ‘chosen by bonsai’ and feel great privilege and a deep responsibility to be a caretaker for an ancient and highly revered practice.
3 min video | August 2019
Japan’s ancient bonsai tradition, where miniaturised shrubs and trees are grown in pots for many hundreds of years, creates a noble plant that, by definition, has withstood the test of time.
4 min read | August 2019
Expectations have been mounting for a policy response by the BOJ, including further easing. What will trigger strong calls for the BOJ to respond? What are the possible policy options and implications to the markets?
3 min read | July 2019
A financial future built on distributed ledger technology, will blockchain take a bite out of banking complexity?
1 min read | July 2019
The major theme that we are expecting for the second half of 2019 is something the Japanese call “Naibu Henka”, which translates to “internal change”.
3 min video | July 2019
The West has a growing fascination with Japanese gardens. Explore the strong connection between the East and West and how the collaboration has created some beautiful gardens.
| July 2019
Central bankers step up to the plate as the tug-of-war between monetary easing and rising business uncertainty is set to intensify.
4 min read | July 2019
5 min read | June 2019
The biggest risk currently facing the global economy is the lack of sufficient tools – both fiscal and monetary – available to policymakers to counter another downturn.
4 min read | June 2019
Our main scenario is that recession and additional policy response will be avoided
3 min read | June 2019
1 min read | June 2019
Digital transformation is today commonplace in the traditional financial sector, which is under increasing pressure to create products and services valued by clients and deliver a better customer experience to compete against new technology enabled new entrants.
6 min video | May 2019
Is the unique connection between East and West at a London ramen restaurant and a Japanese-inspired English craft brewer a symbol of the future UK-Japan relationship?
4 min video | May 2019
We identify the 6 key themes between banking and horticulture.
2 min read | May 2019
The West has a growing obsession with sakura, dating back to the early plant hunters. Through sakura, there has been a strong connection between the East and West,
| May 2019
Asset management’s next phase of disruption has arrived with big data creating the imperative for a radical re-imagination of technology in the investment processes.
6 min read | May 2019
Every Spring, Japan is awash with cherry blossoms – a symbol of hope for the year ahead. Through sakura, there has been a strong connection between the East and West since the 1600s with the exotic blooms now abundant in English gardens.
Is good economics also good politics? It could be argued that the experience of the past two decades suggests an inverted-U (a frown) relationship between the degree of populism and the electoral success.
2 min read | March 2019
Our European Outlook looks at what will drive recovery in Europe in 2019.
3 min video | February 2019
Our UK 2019 outlook looks at how the UK still remains attractive to international investors despite Brexit uncertainty.
1 min read | February 2019
Out of the limited number of options available, what method can the BOJ use?
2 min read | February 2019
| February 2019
As we move swiftly into 2019, see the most read articles from 2018.
1 min read | January 2019
The recovery in Japan's economic activity is still rolling on, but the growth momentum is likely to weaken
2 min read | January 2019
Due to various macro and micro issues (US-China trade war, US fed aggressive rate hike, sluggish IT demand, Intel CPU shortage), there has been a slowdown in demand from 2H18
4 min read | January 2019
As we approach 2019, we see a slowdown in economic growth rates across the region, but we can also expect some structural changes in the way investors view Asia, such as the China market. Traditionally, investors have looked at China in the context of Asia ex-Japan. However, our projections suggest China will be the biggest component of Asia-Pacific, superseding Japan as the biggest market in the region by 2023. Jim McCafferty, Head of Equity Research AEJ, talks about the forecast of the equity markets in 2019.
2 min video | December 2018
Our 2019 GDP growth forecasts are not too different from the streets – while we are more downbeat on China, India and Malaysia, we are more positive on Indonesia and the Philippines.
3 min video | December 2018
Since the escalation of US trade protectionism this year, increasingly centered on China, a US-Sino trade friction is a lose-lose proposition for the world economy, especially for Asia, home to some of the most open economies in the world.
7 min video | November 2018
How X-Elio completed Japan’s largest solar sale – and what it says about the sector’s evolution
4 min read | November 2018
Euroyen bonds offer size and speed for banks seeking regulatory capital. Are more deals on the way?
4 min read | October 2018
As mainstream markets evolve, structured products that focus on volatility are becoming more central to risk management and investment. Traditional products, such as long-only equities or bonds, are no longer a sufficient means for investors to achieve their goals.
1 min read | September 2018
Despite the lessons learned from past crises, currency crises still occur from time to time and spread contagiously when they happen. After receiving substantial capital inflows, some EM economies are under pressure this year.
3 min read | September 2018
From the 1950s to the 1990s Japan often found itself in disagreement with the US over trade. Although the trade war in automobiles in the 1980s was to do with the US’s current account deficit, there was significant trade friction from the 1950s to the 1970s related to textiles and steel, which took place before the US had a pronounced current account deficit.
2 min read | August 2018
Issuance hit a record high in 2017 and conditions remain supportive for new issues.
3 min read | August 2018
Nomura’s structuring apportioned risk between the various counterparties while ensuring that there was a simple contract to present to the Chinese regulators.
Artificial Intelligence (particularly machine learning) and big data technology have been widely adopted in the bank and insurance sectors, owing to the need of processing and understanding the growing customer base and industry data. Over the next two years, we anticipate a “survival of the fittest” scenario.
3 min read | July 2018
After nearly two years of an upcycle, signs are building that growth in Asia ex-Japan (AEJ) may be starting to roll over. By how much will Asian growth slow down and why?
4 min video | July 2018
Our research analysts, as well as representatives from our sales and trading desks from around the globe discuss the inevitability of volatility, and its true meaning. Volatility is often misunderstood and can mean different things to different people.
3 min video | June 2018
We held our 15th annual Nomura Investment Forum Asia (NIFA) from June 4 to 7, 2018 in Singapore. Hear from some of our key speakers with highlights from the conference.
We’re always looking for opportunities born out of connected ideas. Whether they are found in emerging markets or empowered by new technologies, focused on Japan or dedicated to managing volatility.
| May 2018
Four potential events this year could lead to an emerging markets pricing snapback: a US bond market selloff, the global unwind of quantitative easing, a China growth slowdown and the risk of a trade war.
3 min read | April 2018
Trade has played a critical role in the development of emerging market (EM) countries. But as we discuss in our video, the increase in protectionist rhetoric in recent years threatens to stall or even reverse globalization. How will EM countries cope?
2 min read | April 2018
Technology has transformed the global economy in the last decade and made it easier to transfer knowledge. Now it’s giving emerging markets a competitive advantage, allowing them in some cases to be more agile and innovative than developed economies.
1 min video | April 2018
M2 growth has fallen sharply in China since mid-2016 and has recently recorded consecutive record lows. Although the validity of M2 growth as a liquidity measure has been undermined by thriving shadow banking financing in recent years, it is likely that M2 growth will remain a valid indicator of aggregate money supply.
2 min read | March 2018
In a time of global economic and political uncertainty, Japan’s relative stability stands out. After more than two decades of slow growth, the country continues to face many challenges.
6 min read | March 2018
The National Pension Service (NPS) is Korea’s social security reserve fund. It was created in 1988 to support the retirement benefits of its citizens. Asset allocation ultimately determines the long-term investment performance of any pension fund. We explore five reasons why the NPS will become more ambitious in accelerating its allocation shift to overseas assets, particularly equities.
2 min read | February 2018
A forecast of Asia’s sweet spot of solid growth, strong capital inflows, tame inflation and low interest rates could stretch into 2018, underpinned by a durable global tech upcycle, continued quantitative easing by the European Central Bank and Bank of Japan and still-loose regional macro policies.
1 min read | December 2017
What will China do to avoid following the Japanese bubble in the 80s and 90s? What level of US protectionism can we expect on Asian economies in 2018?
5 min video | December 2017
Asian central banks are yet to follow the Fed’s rate hiking cycles even though many Asian policy rates are at historically low levels. But this could start to change.
2 min read | November 2017
At Nomura, we are proud to partner with Eddie who previously coached the Japan rugby team to the biggest international result in their history during the 2015 Rugby World Cup, when Japan’s national team beat one of the tournament favourites, South Africa.
1 min video | November 2017
Using Confucius' theory of human life stages, we compare stages of economic development of India, China, the US and Japan.
3 min read | September 2017
We held our 14th annual Nomura Investment Forum Asia (NIFA) from June 6 to 9, 2017 in Singapore. Hear from some of our key speakers in a highlight video from the conference.
6 min video | August 2017
Our Asia economists present their scorecard of 23 Emerging Markets on foreign direct investment attractiveness and confirm India and ASEAN’s advantage over other Emerging Markets due to multiple push and pull factors.
11 min podcast | August 2017
Recent geopolitical volatility has had dramatic repercussions in the financial markets. The Brexit negotiations between the UK and EU have caused sterling to plummet to lows not seen in years, and protectionist rhetoric from the US has sent shockwaves through global FX markets and lifted interest rates to 5-year-highs.
3 min read | January 2017
