In particular, what happens in Japan doesn’t stay in Japan. As Société Générale strategist Albert Edwards writes: “The world’s financial markets had long gorged themselves on Japan’s multidecade era of ultralow interest rates and super-sized [quantitative easing]. Western politicians in particular should quiver with fear as Japan turns off the liquidity tap that has in effect suppressed Western bond yields below levels that their bloated fiscal deficits justify.”

Crypto market turmoil intensified this week, with bitcoin shedding more than 10% and over $10,000 in value

Ukraine’s president gives his first response to the Trump administration’s proposal, which would hand concessions to Russia

The UK’s experiment in eating the rich while shrinking the state has left everyone worse off

European Commission cuts cost by two-thirds to €2bn but figure is still far above the €75mn Britain has offered