Every man for himself

In the face of looming deflation in the developed world, it seems that economic policies are diverging all the more. When the financial crisis broke in 2007-08, most banks eased monetary policy significantly, but the trend changed in late October when the Bank of Japan, for one, stepped up its bond-buying. According to the Economist, this divergence seems likely to have a big effect in the medium term – and not least in the currency markets. As things currently stand in the global economy, the expression “every man for himself” seems to be most fitting.

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