On Japan, Crude Oil & Earnings

Yes, there’s been upward pressure on Japanese interest rates and the yen at a time of downward pressure on US rates and the dollar. But no, Eric explains, we’re not worried about a repeat of last year’s carry-trade havoc in global markets. Resting our minds are recent Japanese and US economic data and signs that yen-funded carry trade positions aren’t huge. … Also: Melissa explains why we expect the price of oil to remain in a narrow range as countervailing forces pressure it in both directions. … And: Joe reassures us that the recent plunge in S&P 500 companies’ aggregate Q1 earnings growth expectations is typical as quarters wind down.