Market Commentary

Markets reached new highs in May as AI-led earnings growth outweighed geopolitical risk, while bonds recovered and commodities corrected amid easing energy concerns. Humanity survives another month by repricing risk, naturally.

Japan’s public debt is often misunderstood. Behind the headline numbers lies a vast sovereign balance-sheet strategy funded by ultra-low domestic rates and exposed to global risk assets.

South Korean equities have surged on the back of an AI-led memory cycle, strong earnings upgrades and improving governance reforms. While valuations remain discounted versus global peers, energy exposure and semiconductor concentration continue to shape market volatility.