The ‘Short Of The Century’ May Last A Little Longer

Posted by Ivan Martchev - Navellier & Associates

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I remember how in 2003 the late legendary Barton Biggs, a strategist for Morgan Stanley, proclaimed in one of his Investment Perspectives that 10-year Japanese government bonds (JGBs) were “the short of the century.” Japan had just gone through 10 years of deflation and the 10-year JGB yields had gone from nearly 8% at the time of the all-time high in the Nikkei 225 benchmark index (at near 40,000 in December 1989) to a hair shy of 40 basis points (0.4%) in 2003.

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