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Japan: Is the virtuous cycle within reach?

What a difference a change of leadership has made. Since Japan’s general election was called six months ago, presaging Abenomics and the BoJ’s unprecedented monetary easing, the country’s equity markets have wiped the...

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ECB policy: Looking at the negatives

Last week’s ECB meeting was, to the extent that it offered nothing more concrete than a 25bp cut in the refinancing rate, a disappointment. But markets were mollified by Draghi’s hint in his press conference of further rate...

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ECB: Filling the BoJ's old boots?

The fallout from the financial crisis has changed monetary policy beyond recognition, with central banks finding themselves doing things that were previously taboo...

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ECB: Reloading the conventional measures

As expected, the ECB today cut its main refinancing rate by 25bps to a new record low of 0.5%. It also lowered the interest rate on its marginal lending facility by 50bps to 1.0%, narrowing the interest rate corridor...

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ECB: More than a rate cut?

The ECB is widely expected to cut its main refinancing rate tomorrow by 25bps to a new record low of 0.5%. Amid continued economic weakness in large parts of the euro area, along with a softer-than-expected global backdrop and a marked fall in energy prices...

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