After navigating an interest rate hiking cycle, fixed income investors face a completely different challenge in 2025.

The Bank of Japan has set itself firmly on the path of further policy normalisation. But how far and fast it will go from here remains an open question.

The Bank of Japan took an historic step in its March meeting, ending the era of negative interest rates. But the tone of the central bank was cautious overall.

A busy month for central banks delivered expected hikes in Europe and the US, but a surprise tweak to policy in Japan.

At its June meeting, the Bank of Japan has retained its dovish bias, and we believe markets will price in a lower possibility of an imminent exit from YCC.

Global investors under-allocated to Japanese stocks risk missing out on big improvements in corporate earnings yields and capital returns.

The Bank of Japan has struggled to convince the public that inflation will stick. But recent data shows there could be a shift in consumers’ mentality.

We think recent tweaks to the Bank of Japan's yield curve control policy could reset the narrative and pave the way for yen appreciation.

The last of the doves: BoJ unlikely to change course anytime soon

Inflation may be a scourge elsewhere, but Japan is unruffled. Instead, the world’s third-largest economy is showcasing its appeal to investors.

Central bankers seeking to deploy rate hikes against inflation risk collateral damage as tighter policy threatens already swollen debt servicing costs.

The BOJ expands purchases and eases further

Today’s move by the Bank of Japan to boost asset purchases underscores a globally coordinated effort by central banks to contain the coronavirus fallout.

The BOJ appears to be stealthily normalising while keeping rates extremely low. But small steps for Japan’s central bank could be big steps for its currency.

Recent easing measures in China should support Asian high yield bonds, while we also see value in Japan financials bolstered by the BOJ's ETF purchases.

The Bank of Japan kept its easy monetary policy while tweaking its framework to give itself more flexibility, emphasising that normalisation is nowhere near.