--- title: "Can we draw lessons from lessons from the famous \"Abenomics\"" description: The yen continues to plummet, France's debt-to-GDP gap with Germany widens further and Zoom goes boom! 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### Can we draw lessons from lessons from the famous "Abenomics" The yen continues to plummet, France's debt-to-GDP gap with Germany widens further and Zoom goes boom! Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 04/22/2024** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](https://blog.syzgroup.com/hubfs/Syz-Feature_WeekIn7Charts_240422.pdf?hsLang=en) - - - - #### Chart #1 — ## **The hyper-power of the US stock market** The illustration below shows the evolution of the world's main stock markets between 1899 (left chart) and 2024 (right chart). The United States now accounts for over 60% of global market capitalisation. Japan is a distant second with 6.2%. The share of continental Europe and the UK has shrunk considerably. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-21-2024-08-10-21-7510-PM.png?width=2600&height=1217&name=image-png-Apr-21-2024-08-10-21-7510-PM.png) Source: Sam Ro --- #### Chart #2 — ## **Zoom goes boom** During the pandemic and the lockdowns, Zoom had become the darling of Wall Street. Last week, Zoom closed the session at a new all-time low, down 90% from its October 2020 peak. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-21-2024-08-12-14-1212-PM.png?width=891&height=599&name=image-png-Apr-21-2024-08-12-14-1212-PM.png) Source: Charlie Bilello --- #### Chart #3 — ## **France-Germany, the gap widens** France's debt-to-GDP ratio has diverged significantly from that of Germany. The Fitch rating agency already downgraded the country's credit rating from AA to AA- last year. The S&P rating agency has just placed France under watch... ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-21-2024-08-13-52-1126-PM.png?width=886&height=470&name=image-png-Apr-21-2024-08-13-52-1126-PM.png) Source: Bloomberg, HolgerZ --- #### Chart #4 — ## **The price of Abenomics** As the yen continues to plummet, it may be time to draw some lessons from the famous "Abenomics", the economic policy advocated by Shinzō Abe, Japan's Prime Minister between December 2021 and September 2020. To curb deflation, the head of government had opened the floodgates with a programme based on three "arrows": fiscal, monetary, and structural reform, known as "Abenomics". During this period, the Bank of Japan bought more than half the national debt with freshly created yen, as well as a huge quantity of local securities to support its domestic market. But there was a price to pay: massive currency depreciation. After years of "printing money", the yen is now trading at 155 to the dollar: the yen has weakened by 32% against the dollar since 2021, and by 50% since 2012.   ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-21-2024-08-15-30-7655-PM.png?width=774&height=640&name=image-png-Apr-21-2024-08-15-30-7655-PM.png) Source: Wolfstreet --- #### Chart #5 — ## **Small and mid-caps suffer most from rising rates** Small companies generally devote a much higher percentage of their revenues to debt servicing, making them more sensitive to rising rates. The interest coverage ratio (operating income/interest expense) for S&P 600 small caps is 2.3 times, versus 7.6 times for S&P 500 large caps. With continued high interest rates and rising bond yields, the market is tending to penalise these small and mid-caps even more. ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-21-2024-08-16-49-0035-PM.png?width=834&height=686&name=image-png-Apr-21-2024-08-16-49-0035-PM.png) Source:Charlie Bilello, Factset --- #### Chart #6 — ## **The wage gap between the US and Europe continues to widen** Could this be a major theme in the years ahead? A massive wage arbitrage has opened up between the US and its competitors. The overwhelming majority of Americans have no idea how much their salaries have risen in relation to those of the Japanese, the French, the British and so on. Will this gap affect the competitiveness of American companies? Will the use of AI help maintain a sufficiently high level of productivity? ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-21-2024-08-18-14-4464-PM.png?width=859&height=625&name=image-png-Apr-21-2024-08-18-14-4464-PM.png) Source: Jeff Weniger --- #### Chart #7 — ## **Warren Buffet's 4 investment filters** How does Warren Buffett identify the best investment opportunities? He uses these 4 filters: “Charlie (Munger) and I look for companies that have a) a business we understand; b) favorable long-term economics; c) able and trustworthy management; and d) a sensible price tag.” Simple rules, but not so easy to follow... ![](https://blog.syzgroup.com/hs-fs/hubfs/image-png-Apr-21-2024-08-19-36-5680-PM.png?width=725&height=906&name=image-png-Apr-21-2024-08-19-36-5680-PM.png) Source :"The Investing for Beginners Podcast" #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Four years into the bull market](https://blog.syzgroup.com/fast-food-for-thought/four-years-into-the-bull-market?hsLang=en) Meanwhile, earnings growth, not valuation expansion, is doing the heavy lifting behind the S&P 500’s rally. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 12/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Is France’s sovereign debt heading towards “junk” territory?](https://blog.syzgroup.com/fast-food-for-thought/is-frances-sovereign-debt-heading-towards-junk-territory?hsLang=en) Meanwhile, what does Anthropic’s $2tn valuation assume about future growth? Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 05/10/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [The 10-year Treasury yield hits a 19-year high](https://blog.syzgroup.com/fast-food-for-thought/the-10-year-treasury-yield-hits-a-19-year-high?hsLang=en) Meanwhile, US earnings growth leaves the rest of the world behind. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/09/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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