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Trump towers over financial market perceptions

Tokyo

THE dollar has surged, stocks have entered a mini bull market, the prolonged malaise of disinflation and deflation is giving way to concerns about inflation and rising interest rates, while the global economy is said suddenly to be escaping from its state of "secular stagnation".

Can all this be due to the "Trump effect"? Even the US president-elect's claims about "making America great again" (with the implication that the economy will become stronger even than the quite healthy state in which Barack Obama leaves it) can scarcely be credited with such change.

"Trumponomics" has admittedly been one factor behind the seeming reversal of economic fortunes. Promised tax cuts to encourage US corporate...

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