Emerging markets, it seems, have had a good crisis. In contrast to the debt-ridden G7 economies, they have quickly resumed their growth trajectory. No surprise, then, that US emerging market mutual funds are experiencing record inflows. The stellar performance of the Brics markets – Brazil, Russia, Indian and China – is due to continue into the distant future.
There’s more to Japan’s new first couple than meet the eye. The prime minister’s wife, Miyuki Hatoyama, claims to have befriended Tom Cruise in a previous life when he was, apparently, Japanese. Meanwhile the prime minister himself has been behaving like the re-incarnation of a French intellectual.
Shabu shabu is a simple but delicious Japanese dish in which transclucently thin slices of beef are dipped into a boiling broth of vegetables and tofu. A few seconds will do; just enough for the meat to turn pinky-grey.
It’s déjà vu all over again. That’s what the rip-roaring bull market in Chinese stocks looks like to anyone who lived through the late 1980s Japanese bubble.