The effects of Japanese monetary easing continue to devalue the Yen. Last week the US Dollar breached the Y100 mark. May fear that this could be the beginning of currency wars as nations such as Japan aim to boost the competitiveness of their exporters.
Meanwhile, the recession in the Eurozone continues. The ECB recently announced that it would reduce interest rates to 0.5%. The ECB lowered its growth forecast for 2013 to -0.4%, down from 0%.
The stockmarket appears oblivious to the global recession with the S&P500 and FTSE100 continuing to rise to record highs.