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CIO Corner
CIO Office Perspectives
Unlock exclusive insights into the latest market drivers and economic trends with CIO Office Perspectives.
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Diversification is the Name of the Game
January 23, 2026
Recent events and market reactions reinforce our calls for diversification to non-US markets in 2026. We note that over the week when Greenland became the dominant issue, the trio of USD, UST and US equities underperformed, while markets in HK/China, Japan, and even Europe (arguably in the middle of it) all showed remarkable resilience. The USD weakened vs. major currencies. And Gold outperformed. Despite the spirit of TACO being alive and well, geopolitical risks like these could lead to more risk premiums on US assets, further strengthening the YTD outperformance of non-US assets.
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Japan: The Snap Election and What It Means for Markets
January 20, 2026
Japan’s Prime Minister, Sanae Takaichi, has announced plans to dissolve the Lower House on January 23. The election is slated to be held on February 8. These have confirmed the various media reports on this issue over the last few days. Although everyone knows Takaichi-san will eventually need to hold an election, not many analysts or investors anticipated this to come this early. From a market perspective, investors seem to believe that the fate of the ‘Takaichi trade’ (higher equities, higher bond yields, weaker JPY) will therefore rest on the election result.
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Emergence of Policy Puts
January 13, 2026
2026 is likely to be the year when the ‘visible hands’ of policymakers take centre stage. To some extent, that’s just reinforcing an ongoing trend. Fiscal policies have been expansionary over the last few years. Next year the focus will shift to the consumers, particularly those at the lower end of the K-shaped economies. As fiscal policies dominate, monetary policies may slowly move to the background. Further, central bank independence will also increasingly come under scrutiny, and become a new source of uncertainty.
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A Potential BoJ Hike and Implications for Markets
December 02, 2025
On 1st December, Bank of Japan governor Ueda dropped hints about a rate hike at its next meeting on 19th December. After two months of JPY weakness driven by ‘Takaichi trade’, a line seems to have been drawn. The market is responding by bringing forward a hike from early 2026. We think this is still part of a gradual normalization process. Near term a hike may put risk sentiment somewhat in check. But we think the overall environment is still supportive for Japan’s reflation and markets.
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Eurozone Macro Chart Pack: A Light at the End of the Tunnel
November 11, 2025
Tracking the latest macroeconomic developments across the Eurozone.
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MOC November 2025: Making Our Way Through the Fog
November 05, 2025
AI is currently driving market gains, but the breadth is narrowing with more than 300 S&P 500 stocks declining. Fed officials are sending mixed signals on policy direction as inflation remains elevated and labor markets continue to weaken. Late-cycle indicators emerge: eight months of U.S. factory contraction, patchy global growth. In Europe, all eyes are on BoE which may surprise with a dovish twist, while in China, there is increased speculation on more stimulus measures. Quality earnings, pricing power, and real capital expenditure are now being rewarded more than passive exposure to beta. With market sentiment driven as much by headlines as by fundamentals, patience and positioning matter more than ever.
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AI: A Rational Bubble?
October 27, 2025
AI as an investment theme in late 2025 sits at an inflection point — inflated by extraordinary capital flows and ambition yet underpinned by genuine technological transformation. While there is no doubt on the reality and durability of the long-term potential remains, there are hints of bubble-like characteristics in certain parts of the market. Here, we explore this debate as we head into mega cap earnings this week, and how to position going ahead.
Contributor
Julia Wang
CIO North Asia
Disclaimer
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IWM CIO Corner Disclaimer
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