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Not so big in Japan.
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Monday 21st July 2025
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It looks like Japan’s Prime Minister Ishiba has lost his majority, according to exit polls on Sunday. NAB’s Skye Masters says it was already priced into markets, with 30-year bond yields reaching record highs last week, but it comes at a bad time as Japan tries to negotiate a trade deal with the US, with the 1st August deadline looming. A deal might be reached with the EU this week or next, but President Trump has indicated he is inclined to a base tariff of 15 – 20%, even with a deal. A low level of data means the focus this week will be on tariff news, and corporate earnings, including Tesla and Alphabet in the middle of the week.
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