Japan Needn’t Drive an International Crisis
The currency isn’t the sole cause of risks.
How scary is what’s happening in Japan?
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A run on Japanese government bonds that reached a crescendo last week is now beginning to cascade throughout the rest of the world. Its effects show up, arguably, in the continued spectacular trading in precious metals and in renewed weakness for the dollar. It hasn’t yet had any more malign impacts on risk assets as stock markets opened the week positively.