Investors have got over the wobbles of February. The ides of March were good for the bulls. The main investors and commentators are in love with risk again.
The beginning of the year saw quite a sell-off in emerging markets. Brokers rotated their more active clients into Western markets on the grounds they were better value. Some houses were sure Japan was at last going to come right. They argued the yen was about to fall, and the profits of the exporting businesses would soar as a result. The US powered ahead on the back of easy money newly printed by the Fed. Even the EU started to make more headway, based on the strength of German exporters. As the quarter advanced fear gripped investors again, and shares relapsed. Japan was hit by t...
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