The dramatic war in Ukraine has been a major disturbance to world peace, a reminiscence of the cold war everyone could have hoped was behind us for good. It has also been a major headache for investors, left guessing the consequences of this conflict in a globalised world where every country needs other countries!

In 2022, the growth of emerging economies has shown resilience despite strong headwinds: i) The Russia-Ukraine war; ii) the Chinese slowdown due to Covid restrictions; iii) Core rates tightening to combat inflationary pressure.

Since October 21st, the Japanese currency experienced a major appreciation against the greenback: +10% as of December 2nd.