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The Bank of Japan is expected to raise interest rates next year, signaling the end of an era for investors. As rates increase across the curve, spreads are likely to widen further during the next recession. The global economy appears to be heading towards a recessionary path, suggesting a rolling recession or upcoming downturn. This update comes from Bloomberg Surveillance with Tom Keene, Jonathan Ferro, and Lisa Abramowicz, discussing company earnings and the future of Japan.