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In 2026, the global central banks have played a "big reversal." On one side, the Bank of Japan is determined to raise interest rates, while on the other side, the Federal Reserve has slammed on the brakes—where should wealth flow?

The Bank of Japan's "decisive" move

Ueda Kazuo is serious this time. Interest rates have soared to 0.75%, a new high in 30 years. The message is clear: as long as inflation remains hot, rate hikes will not stop, and in 2026, they will continue to push toward 1.25%. Japanese government bond yields broke above 2% (for the first time in 26 years), and the yen against the dollar directly hit 157. Arbitrage funds withdrew from Japan overnight, and this signal couldn't be clearer.

The Federal Reserve's "bouncing back and forth"

In 2025, it cut a total of 75 basis points, then hinted that in 2026, there might be one more rate cut. The US debt scale is approaching $39 trillion, with inflation stubbornly persistent. Most critically, policy leadership is changing—US dollar credit is already under immense pressure.

Market chain reactions

The exchange rate is in chaos; the USD/JPY is approaching the 160 mark, and capital is starting to flow out of emerging markets. Asset allocation is being rewritten: Japanese stocks are rising, while US tech stocks' valuations hang in the air. Gold has soared, breaking above $2800, as safe-haven funds flood in.

Renminbi in a grand chess game

Cross-border settlement share has reached 7.28%, with a target of 12% in 2026. The proportion of Saudi oil settlements using the renminbi is nearly over half. Foreign capital is aggressively buying Chinese assets, with government bonds and A-shares becoming safe havens for global capital.

The key question: should your assets be anchored to the US dollar, Japanese yen, or renminbi? Japan is cutting away the diseased flesh, the US is drinking poison to quench thirst, and the choice is in your hands.