Commenting live on Ray Dalio's views is never going to be easy. While we wouldn't add to gold at these levels, over the medium term we see inflation as a key global risk that is under-priced and could undermine major currencies' real values. We explain why in the following Bloomberg interview.
The Bank of Japan is trying to convince the market that there is “nothing to see here” despite a sharp drop in its asset purchase flow from ¥80 trillion to ¥60 trillion per annum. Add this to the list of reasons to worry about potential yen appreciation, but don’t think of it as a leading concern for global rates or risk assets.