Is the Widowmaker here for us at last?

Monday 25 May 2026

Albert Edwards at Societe Generale:

The latest BoJ meeting saw a hawkish hold, with even more dissenters voting for a rate rise. The best way to gauge just how much the BoJ has lost the confidence of investors this year is the 10- 2y curve, which has become alarmingly detached from the other major markets.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.