The rise in Japanese holdings of foreign bonds had an enormous impact on global markets between 2011 and 2020. The markets will now have to adapt to a sustained reduction in Japanese demand.

The World Bank and IMF have concluded their spring meetings, but questions remain on China, lending capacity, and balancing the interests of rich and poor countries.

Combining an SDR with budget funding is the most efficient way to stretch budgeted dollars (and euros) and increased the global supply of concessional financing.