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It's clear that the Bank of Japan will raise interest rates next year, marking the end of an era. Investors must adjust to higher rates across the curve, and spreads are likely to widen during the next recession. The global economy is heading towards a recessionary path, with a rolling recession potentially on the horizon. Bloomberg Surveillance discusses these topics with Tom Keene, Jonathan Ferro, and Lisa Abramowicz, along with updates on company earnings and the future of Japan.