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lical, bank, insurance tend to outperform at the time of UST bear-steepening Dollar MSCI MSscCl USDJPY index — Japan / Japan sector* (DXY) ex Japan* Discretion Financials Materials IT Industrials Energy Telecom Staples — Utilities Health ary care Bear steep 4.12 -0.60 8.58 3.32 11.68 9.97 9.96 9.46 8.58 5.88 3.27 2.86
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Donald Trump
PersonPresident of the United States (2017–2021, 2025–present)
Shusuke Yamada
PersonJapanese family name (山田)
BofA Merrill Lynch Global Credit Research
OrganizationMerrill Lynch Financial Global
OrganizationPierce, Fenner & Smith Incorporated
Organization
Merrill Lynch Global Wealth Management
OrganizationInvestment management and financial planning service

Merrill Lynch
OrganizationAmerican investing and wealth management division of Bank of America
The Financial Service Board
OrganizationMerrill Lynch International
OrganizationMerrill Lynch Equities (Australia) Limited
Organizationthe Australian Securities and Investments Commission
Organizationthe Hong Kong Securities and Futures Commission
OrganizationMerrill Lynch Canada Inc
Organizationthe Investment Industry Regulatory Organization of Canada
OrganizationMerrill Lynch Mexico
OrganizationCasa de Bolsa
Organizationthe Comisidn Nacional Bancaria y de Valores
OrganizationMerrill Lynch Argentina SA
Organization
Comisién Nacional de Valores
OrganizationUruguayan football club based in Montevideo, Uruguay
Merrill Lynch Japan Securities Co., Ltd.
Organization