Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macro and Geopolitical Research House

Elias Lisberg Glistrup

Macroeconomics

<ul><li>Stagnant growth and price deflation have defined the term Japanization, and, due to rapidly rising debt levels in conjunction with aging populations, long been the striking worry for many economists.</li><li>Post-Covid inflation has shifted the narrative however, and fears of it becoming structural has taken over as the new doom-scenario globally.</li><li>For Japan though, inflation is not so much a fear as a hope, and we see signs that Japan is in fact achieving sustained inflation.</li></ul>

Stagnant growth and price deflation have defined the term Japanization, and, due to rapidly rising debt levels in conjunction with aging populations, long been the striking worry for many economists.Post-Covid inflation has shifted the narrative however, and fears of it becoming structural has taken over as the new doom-scenario globally.For Japan though, inflation is not so much a fear as a hope, and we see signs that Japan is in fact achieving sustained inflation.

Reflation Watch: Has Japan turned a page, and have markets gotten ahead of themselves?