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Is Japan Back?
Perhaps you missed it, but Japan’s equity market is back to levels not seen since before its 1991 crash and subsequent lost decade—arguably decades. In March, the Topix Index reached a 31-year high and has since held up relatively well despite a resurgence in COVID-19 cases, a seemingly slow start to vaccinations, renewed business restrictions, an earthquake in February and the decision to hold the Tokyo Olympics at least without fans from abroad and possibly without any at all.
Give Me Shelter: What a Rising Rate Environment Might Mean for Credit Markets
With vaccination rates ramping and the economy beginning to emerge from its COVID-induced slowdown, the days of record-low interest rates are likely numbered—which raises questions about the broader fixed income environment. While rising rates could mean conventional fixed income areas are in for a relatively rough ride, they could also provide an interesting environment for high yield and leveraged loans, which have historically fared relatively well as rates rise thanks to some potentially overlooked considerations.