The popular consensus seems to have coalesced around the view ageing is deflationary, and the Japanese experience is often the first evidence cited, writes Ed Smith, head of asset allocation research at Rathbones.
But we are not convinced that its lesson is relevant to the rest of the world. Moreover, there is a significant body of research setting out well-reasoned and well-evidenced arguments for the inflationary...
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Consequences could be more severe than in stress tests
Move to variable operating expenses
Set to happen on 4 April