October saw risk assets climb as a tentative US–China trade truce and moderating inflation bolstered optimism. The Fed’s measured tone and resilient earnings supported equities, though valuations remain stretched.

After decades of ultra-low interest rates, Japan’s bond market has entered a new era. The election of Sanae Takaichi as Japan’s likely first female prime minister has driven yields on 30-year government bonds to record highs, signaling a shift in global capital flows. As the “Takaichi Trade” unfolds, investors worldwide are reassessing yield dynamics, currency trends, and portfolio diversification strategies.