IN THIS ISSUE

• Macro Strategy – Structural Shift Coming in U.S. — Japan Policy Coordination: The U.S./Japan intervention could mark a major turning point for a stronger yen, potentially boosting returns for U.S. investors in Japan Equities.
  
  
• Market View – The Expanding Arctic Economy and What It Means for Investors: Growing geopolitical risks are accelerating the development of Arctic shipping routes that could boost trade and economic activity across the Arctic region.
  
  
• Thought of the Week – U.S. Debt Levels: It’s Not All Bad News: Despite U.S. debt surpassing $40 trillion, healthy consumer and corporate balance sheets, strong economic growth, and profit trends should help keep the debt burden manageable for now.