THE WisdomTree BLOG
In coming months, Japan’s monetary policy is likely to move back to center stage. This is not just because Prime Minister Abe will have to make a decision on the next Governor, but, more importantly, because the case for a change in the operational targets of the BoJ’s Yield-Curve-Control is growing stronger. Specifically, I expect a possible change in the BoJ duration target: a pivot away from targeting the 10-year yield to targeting the 5-year or 7-year yield could greatly enhance BoJ reflation credentials.
Japan’s upcoming election is poised to usher in a new era of policy competition and political accountability. Structural reform in general, supply-side reform in particular, is poised to accelerate if, as we suspect, Tokyo Governor Koike catapults herself into the never-imagined-before position of being both in power and in opposition: in power because she will continue to be the ruling Governor of Tokyo; and in opposition because she will be the leader of the second largest party in parliament (assuming current opinion polls are correct in their predictions).
A new force is gaining momentum in Japanese politics, led by Tokyo Governor Koike. Her new national party—Party of Hope—has just forged an election alliance with the opposition Democratic Party that could deliver as many as 120-180 out of 465 seats contested in the upcoming 22 October lower house election. Most importantly, "Koikenomics" is poised to re-energise the original pro-growth promise of "Abenomics". This is because Governor Koike has a long-standing record as a pro-business, pro-deregulation and pro-growth politician.
Nitesh is a Commodities Strategist at ETF Securities. Nitesh has 13 years of experience as an economist and strategist, covering a wide range of markets and asset classes. Prior to joining ETF Securities, Nitesh was an economist covering the European structured finance markets at Moody’s Investors Service and was a member of Moody’s global macroeconomics team. Before that he was an economist at the Pension Protection Fund and an equity strategist at Decision Economics. He started his career at HSBC Investment Bank. Nitesh holds a Bachelor of Science in Economics from the London School of Economics and a Master of Arts in International Economics and Finance from Brandeis University (USA).
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Nizam Hamid is an ETF Strategist for WisdomTree in Europe and has extensive experience in the European ETF market. Prior to this he was at C8 Investments, a systematic hedge fund, focusing on business development and quantitative strategies, before that he was a consultant at FTSE. From 2010 to 2012, he was Head of ETF Strategy and Deputy Head of Lyxor ETFs, at the time Europe’s second largest ETF issuer. Before joining Lyxor he was Head of Sales Strategy for the Europe and the Middle East at iShares in London. Prior to that, he was Global Head of ETFs, Portfolio and Index Strategy at Deutsche Bank from 1998 to 2008. He has also worked as a quantitative analyst in London and Tokyo for UBS, BZW and Bankers Trust / NatWest Markets. He holds a Degree in Economics from the University of Liverpool.
Nick Leung is a Research Analyst for WisdomTree in Europe. He is responsible for macroeconomic commentary and analysis, formulating investment strategies and trade ideas, as well as the maintenance of research collateral. Prior to joining in 2015, Nick was at Source, having completed his Master’s Degree at Imperial College London. During this time he was also involved in an ice-cream entrepreneurship project with Unilever. Nick holds a BA in Economics from the University of Nottingham.
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Capital Markets and Investment Solutions, Index and Quantitative Investment, ICBC Credit Suisse Asset Management (International) Company Limited
Ms. Pang holds a M.Sc. in Development Finance from The University of Manchester, a M.A. in Journalism and a B.A. in Business Administration from The Chinese University of Hong Kong.