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Bank of Japan is set to raise interest rates and investors need to prepare for wider spreads when recession hits. The global economy is likely heading towards a recession, with talks of a rolling recession cycle. This marks the end of an era, as discussed on Bloomberg Surveillance with Tom Keene, Jonathan Ferro, and Lisa Abramowicz. Equity futures are up and there is anticipation around company earnings like FedEx, Nike, and IBEX. The discussion also focuses on Japan's economic path forward.