Ideas
Mark
MLIV Executive Editor, Bloomberg
3:41
Yen weakness entrenched; buy USD/JPY.
The yen is underperforming massively and dollar-yen is high even as the dollar is heavy. Japan's debt burden, negative real yields, fiscal expansion, demographics and likely debt monetization entrench long-term yen depreciation, so the sustained trade is higher USD/JPY unless Ueda surprises.
Mark
MLIV Executive Editor, Bloomberg
4:04
Short long-end JGBs on fiscal debt risks.
There is high risk of renewed long-end JGB selling because liquidity is thin, the long end has become unanchored, and Japan is heavily indebted while planning more fiscal expansion despite sluggish growth and demographics. The long-term trend is JGB weakness, especially around the 40-year auction.
Mark
MLIV Executive Editor, Bloomberg
7:22
Weaker dollar trend continues this year.
The dollar remains heavy and should continue to weaken this year as global investors rotate out of US assets amid policy unpredictability and geopolitical risks; as long as the dollar weakens, dollar-yen can stay problematic without intervention.
Yen weakens short term; intervention caps.
In the short term the yen may weaken further because the rate gap with the US remains wide, though government intervention should prevent an excessive disorderly selloff and near-term appreciation is unlikely.
Japanese industrials benefit from Takaichi policy.
A Takaichi election win would accelerate pro-growth policies and strengthen Japan's domestic supply chain, benefiting domestic industrial companies over the next couple of years.
Japanese small/mid-caps offer higher growth.
Japanese small- and mid-cap companies have higher EPS growth than large caps and attractive valuations, making the space a good hunting ground.
Defense theme persists; remain selective.
Defense remains a durable global theme, but valuations for some large-cap names are rich. She prefers selective, still-undervalued supply-chain names with exposure to rising defense orders.
AI infrastructure opportunity, not bubble.
He sees no AI bubble, expects hundreds of billions of dollars of infrastructure capex and data-center buildout, and says BlackRock is expanding AI investments with partners including Microsoft, MGX and NVIDIA, creating a large opportunity.
AI capex drives power demand.
AI buildout will require new sources of power; abundant cheap energy is a foundational enabling theme, so AI capex should accelerate investment in power sources.
Japanese banks benefit from curve steepening.
The BOJ is likely to raise rates toward 1%, and curve steepening should improve Japanese banks' business and support continued sector re-rating.
Semiconductor supply chain powers AI trade.
Semiconductor supply-chain names are integral to the AI trade, and demand is strong enough to keep elevated valuations supported as long as earnings deliver.
Korean tech expensive but demand-supported.
South Korean tech and regional semiconductor names are very expensive versus history, but demand exceeds supply for many products and elevated valuations can persist if earnings support them; a negative earnings surprise is the key risk, not the base case.
TSMC insulated from Intel-specific issues.
TSMC is part of the regional semiconductor demand cycle and should not suffer a readthrough from Intel's problems because Intel is a distressed, idiosyncratic situation and is technologically behind its Asian peers.
Prefer US AI capex opportunity.
China is building a parallel AI ecosystem that is almost as strong as leading Western models but much cheaper, supported by domestic semiconductor listings and government-backed capex, so he likes the China AI capex story alongside the global theme.
Yuan strengthens on policy direction.
The Chinese yuan could strengthen from here because authorities appear to be steering policy in that direction, making it a useful FX overlay for a balanced portfolio.
Singapore is Asian safe haven.
Singapore is a liked market for safety in Asia due to a stable economy and a positive read from Korea-style value-up programs; he would consider it a safe haven.
Gold target 5200; buy dips.
He remains positive on gold, with clients still buying and the commodities team targeting $5,200; as it approaches $5,000, he prefers a buy-on-dips approach because upside is getting more limited.
Avoid silver on high volatility.
The silver catch-up trade on the gold-silver ratio has already happened, and silver's higher volatility versus gold makes it unattractive; he would stay away from silver.
Gold miners benefit alongside gold.
Alongside his positive gold view, he is positive on gold miners as a leveraged way to express the gold thesis.
India attractive on consumption and scale.
India remains attractive on fundamentals: it is consumption-driven, offers multinationals scale, has relatively contained effective tariffs with exemptions, and the IMF growth outlook is being revised up, even though geopolitics and trade tensions are headwinds.
This Bloomberg Markets video, published January 23, 2026,
features Mark, Hiromi Ishihara, Larry Fink, Kieran Calder, Pushan Dutt
discussing USD/JPY, Long-end JGBs, USD, FXY, Japanese industrials, Japanese small/mid-caps, ITA, AIQ, DTCR, XLE, DXJ, SMH, South Korean tech, TSM, AI-SECTOR, CNY, Singapore equities, GLD, SILVER, GDX, INDA.
20 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Mark,
Hiromi Ishihara,
Larry Fink,
Kieran Calder,
Pushan Dutt
· Tickers:
USD/JPY,
Long-end JGBs,
USD,
FXY,
Japanese industrials,
Japanese small/mid-caps,
ITA,
AIQ,
DTCR,
XLE,
DXJ,
SMH,
South Korean tech,
TSM,
AI-SECTOR,
CNY,
Singapore equities,
GLD,
SILVER,
GDX,
INDA
