The Japanese Yen: When Monetary Normalisation Wasn’t Enough

Before We Begin The Japanese yen has undergone one of the largest and most persistent depreciations of any major currency in the post-Bretton Woods era. Since the beginning of 2021, USD/JPY has risen from roughly 103 to a 40-year high of 163.86, equivalent to a depreciation of approximately 37% against the US dollar. During the same period, the Bank of Japan increased its policy rate from –0.10% to 1.00%, its highest level since 1995, ended negative interest rates, abandoned Yield Curve Control and began withdrawing from one of the most accommodative monetary regimes in modern history. Yet the currency continued…

It Wasn’t AI That Broke. It Was the Market’s Machinery for Pricing It.

It Wasn’t AI That Broke. It Was the Market’s Machinery for Pricing It. How South Korea erased roughly $2 trillion in forty days, while its two biggest companies reported record earnings. This is being written mid-crash, with the tape still moving. In July 2026 the KOSPI suffered a record 33% monthly decline, worse than October 1997 at the depth of the Asian financial crisis. Circuit breakers triggered on consecutive days for the first time in the index’s history. In one month the index sliced through its 50-, 100- and 200-day moving averages, all of which had been bullishly aligned when…

Private Credit Is Moving From Stability to Selection

The System That Replaced Banks The current stress in private credit is best understood by starting at its core. Business development companies were not built as opportunistic yield vehicles. They were created to solve a structural gap in the U.S. financial system that became more pronounced after the Global Financial Crisis, when banks retrenched from lending to smaller, more levered businesses. Operating under the Investment Company Act of 1940, BDCs were designed to provide capital to middle-market companies that lack access to public debt markets but remain critical to the economy, employing tens of millions and generating trillions in revenue.…

Digital Credit: An Attempt to Build a New Asset Class

The Lineage of New Asset Classes In financial markets, truly new asset classes are rare. They tend to emerge only when significant structural or technological shifts change how capital is allocated. Mutual funds first took root in the early twentieth century, and the 1976 launch of the first index fund, championed by John Bogle, set the foundation for modern passive investing. The 1970s also introduced modern options markets, reshaping hedging and speculation. The 1980s added mortgage-backed securities, creating an entirely new segment of fixed income. The early 1990s brought exchange-traded funds, transforming liquidity and market access. In the 2010s, cryptocurrencies…

The Rise of Stablecoins: A New Era for Digital Money

A significant yet often overlooked transformation is reshaping the global financial landscape: the emergence and rapid growth of stablecoins. These digital assets, usually tied to the value of the US dollar, offer a stable alternative to highly volatile cryptocurrencies. They combine the advantages of digital tokens, including fast settlement and programmability, with a predictable valuation. This makes them increasingly attractive for payments, trading activity, and storing value across both the crypto ecosystem and a growing number of emerging markets. Simple design, large impact The core design of fiat-backed stablecoins is straightforward. They maintain their value by being fully backed by…

Three Pillars of Private Equity

Private equity (PE) remains one of the most dynamic and influential forces in global capital markets. From fueling innovation in fast-growing startups to transforming legacy corporations, PE firms employ a range of investment strategies tailored to different company stages, market conditions, and risk profiles. Among these, three categories dominate the landscape: Add-On Acquisitions, Leveraged Buyouts (LBOs), and Growth Equity. Each of these investment profiles serves a distinct purpose in the private capital ecosystem. Understanding how they differ is crucial for fund managers, LPs, and entrepreneurs navigating today’s complex investment environment. Below, we explore each strategy in detail, supported by academic…