China wrested investor focus from ancient rival Japan yesterday when it reported surprisingly low inflation. The figures quelled fears of tighter monetary policy, and shares rose almost everywhere.
This matters to other emerging markets as well as the developed world. But it matters far less than what Japan is up to.
The collapse of the Japanese yen is raising hopes that money will flood out of the country seeking returns elsewhere. While some developed markets (notably France) are expected to benefit, the yield on JPMorgan’s index of EM local currency bonds was driven down to a new low of just 5.7 per cent this week (it was above 7 per cent at the start of last year).
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