From Morgan Stanley’s Matthew Hornbach
Unbeknownst to me at the time, I learned a valuable lesson at the start of my career that would resurface years later. Nearly 16 years ago, I began working in Tokyo as an analyst on the Japanese government bond trading desk at Morgan Stanley. It was August 2000 and the Bank of Japan raised its overnight policy rate by 25bp for the first time since initiating its zero interest rate policy, in February 1999.