The Lombard Review

World

Central banks, currencies and economies beyond the U.S.: China, Japan, Europe, Britain, India and the oil states.

World

How to spot Japan's secret yen buying

Current-account forecasts reveal FX sales

World

How far will Japan let the yen fall?

Threshold ambiguity as deterrent

World

Japan raised rates. The yen fell anyway

Carry dominates signalling

World

Japan ends negative rates

First BoJ hike in 17 years

Economy

Japan and Britain slip into recession

Low-growth equilibrium in advanced economies

Special Report

Lunar New Year: China's stock market can't escape falling prices

Price deflation depresses earnings

World

Japan wants pay rises before rate rises

Shunto outcome as hike precondition

U.S.

Japan wants US Steel. Washington may say no

National-security review discounts premium

World

Japan is the last to keep rates below zero

BoJ delay sustains yen carry

Special Report

Diwali: India's festive boom runs on credit

Credit elasticity of festive spend

Special Report

Singles' Day: China's shoppers have lost their nerve

Deflation depresses spending

World

China's hidden local debt problem

Hidden local debt rolled via special bonds

World

How weak will Japan let the yen go?

Pace, not level, triggers intervention

World

Country Garden and the end of China's property model

Presales model breaks without new sales

Markets & Finance

China's prices are falling. Its currency could be next

Strong-side CNY fixings resist depreciation

Markets & Finance

Is Japan about to loosen its grip on bonds?

Band flexibility raises JGB term premium

World

Why British homeowners feel rate rises faster than anyone

Short fixed terms transmit rates fast

World

China's lending engine sputters

Marginal easing fails to lift credit demand

World

Britain's mortgage crunch returns

UK core inflation persistence reprices front end

World

China is spending again. Its property market isn't

Consumption rebound absent credit impulse

Economy

OPEC just made the Fed's job harder

Energy shock re-anchors headline inflation

Special Report

Lunar New Year: China's reopening lifts the yuan

Reopening flows strengthen yuan

World

Japan spends trillions to defend one number

Unlimited purchases vs speculative JGB shorts

World

Europe's lucky warm winter

Gas price collapse unwinds fiscal subsidies

Markets & Finance

Germany's bond shortage is finally easing

Collateral scarcity drives Bund swap spreads

Markets & Finance

Japan surprises everyone, and bonds everywhere feel it

YCC band widening releases JGB repatriation

Economy

China reopens, and the world gets a new inflation problem

Commodity demand rebound vs goods disinflation

Special Report

Diwali: India's gold habit is weighing on the rupee

Festive gold imports widen current-account deficit

Markets & Finance

The Bank of England takes away the safety net

Backstop expiry tests market-clearing price

Markets & Finance

Japan is fighting the dollar. The dollar is winning

Sterilised intervention vs carry differential

Markets & Finance

Britain learns the price of a budget nobody believed

Unfunded tax cuts reprice sovereign risk premium

Markets & Finance

How Britain's pension funds nearly broke the bond market

Leveraged liability hedges force gilt sales into falling market