Focused Thinking
Nomura’s key researchers, industry experts, investors, and economists explore the latest global macroeconomic trends that will impact financial markets.
Central Banks
The policy reaction function of many of the world’s major central banks looks to have changed and a number have yet again made a dovish shift. We argue that these central banks could be “trapped” in an ultra-loose monetary policy stance and are losing their ability to normalize policy.
2 min read | July 2019
Economics
Damocles is based on a noise-to-signals approach in which we use eight key indicators to predict currency crises in 30 emerging market (EM) countries; this approach has correctly predicted 67% of the 54 crises since 1996.
3 min podcast | July 2019
Central Banks
The downward pressure on the renminbi since last June is a function of market sentiment rather than the trade dispute, with the slowing of China's growth last year driven entirely by domestic factors.
5 min read | June 2019
Central Banks
2 min video | April 2019
Central Banks
Many are wondering whether Australia’s luck is running out, amid slower global and regional growth, tightening financial conditions and falling local house prices.
2 min read | January 2019
Central Banks
The recovery in Japan's economic activity is still rolling on, but the growth momentum is likely to weaken
2 min read | January 2019
Emerging Markets
We believe the performance of Asia FX/local markets over the coming year can be categorized into three episodes.
0 min video | December 2018
Economics
Our 2019 GDP growth forecasts are not too different from the streets – while we are more downbeat on China, India and Malaysia, we are more positive on Indonesia and the Philippines.
3 min video | December 2018
Economics
Oil prices have fallen sharply. This drop, if sustained, will have a greater impact on emerging markets than developed markets.
3 min read | November 2018
Economics
Since the escalation of US trade protectionism this year, increasingly centered on China, a US-Sino trade friction is a lose-lose proposition for the world economy, especially for Asia, home to some of the most open economies in the world.
7 min video | November 2018
Economics
The ongoing investment recovery in Thailand is likely to be unsustainable with the election potentially resulting in another adverse political environment, particularly for private investment.
2 min read | September 2018
Central Banks
Despite the lessons learned from past crises, currency crises still occur from time to time and spread contagiously when they happen. After receiving substantial capital inflows, some EM economies are under pressure this year.
3 min read | September 2018
Economics
What are some of the patterns in Asia with regards to fixing and policy rates? We analyze 14 EM rates markets through the prism of our rates expectation framework.
2 min read | August 2018