Japan and the U.S. intervened jointly to prop up the yen, with mixed results. Meanwhile, Washington fears that Tokyo may have to sell U.S. government bonds to secure enough dollars, with all the consequences that entails for long-term U.S. yields. You can read about what this means for the yen, the dollar, and other currency markets in our full report.

Higher government debt is becoming a problem in more and more countries, and the markets are now sending a clear signal about it: long-term interest rates are rising. Those rates actually need to come down, because with today's mountains of debt, refinancing at higher levels only makes the situation more precarious. In this report we explain how that could be achieved and what this means for the key interest rate, currency, and equity markets.

Gold's recent rally can be read either as a corrective rebound within a downtrend or as the start of a run to new record highs. We explain why we lean, cautiously, towards the former.