Multi Asset chart of the week

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11 February 2026 Multi-asset

Week to 13 February 2026

Japanese equities have rallied and Japanese bonds have fallen with Prime Minister Takaichi’s election win

Stephanie Chan, CFA, Portfolio Manager, said: “Sanae Takaichi was elected as Prime Minister of Japan in October 2025. She called a snap election just four months later and subsequently secured, along with a coalition partner, a super-majority in the House of Representatives. Takaichi pledges to spend more and to cut taxes to spur a sluggish economy. She also aims to increase defense spending and has taken a more hawkish foreign policy stance. Since Takaichi’s election in October, Japanese equities have rallied by more than 14%, with the Nikkei index rising 4% in the day following the snap election. In that same period since Takaichi’s election, Japanese bonds have fallen: the Japanese 10-year yield has increased by 0.6%, from 1.7% to 2.3%, as markets continue to expect expanding government borrowing needs.”^†

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Source: Insight Investment, Bloomberg as at 09 February 2026.

Week to 6 February 2026

Gold suffered a 14% drawdown at the end of January, a move much larger than its normal volatility

Stephanie Chan, CFA, Portfolio Manager, said: “The price of gold fell by 14% between 28 January and
2 February, a move much larger than its normal range of volatility seen in recent years. Over the past year, gold had been rallying along with risk assets and as the US dollar weakened; gold was seen as a potential alternative to the US dollar as policy uncertainty remained high in the US. Furthermore, the gold price move coincided with Trump’s nomination of Kevin Warsh as the next Fed chair, and given Warsh’s historical comments, the market was concerned about a marginally more hawkish Fed and ultimately a potentially stronger US dollar. Gold suffered a drawdown along with other cyclical sectors of the market that had had relatively strong performance in January, including semiconductors, materials, and industrials.”^†

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Source: Insight Investment, Bloomberg as at 02 February 2026.

Important information

Japanese equities have rallied and Japanese bonds have fallen with Prime Minister Takaichi’s election win

Gold suffered a 14% drawdown at the end of January, a move much larger than its normal volatility

Most read

Japanese equities have rallied and Japanese bonds have fallen with Prime Minister Takaichi’s election win

Gold suffered a 14% drawdown at the end of January, a move much larger than its normal volatility

Most read

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