You know something is strange when “the riskiest” country in the world is the nation whose central bank everyone is relying on to ‘save the world’ and “the safest” stock market in the world is from a nation whose neighbor is actively test-firing nuclear missiles? It appears activist central banks – following Draghi’s “kitchen sink” – have become the new normal’s ‘nukes’.
As Goldman notes, Brazil & Japan vol is highest and Korea lowest on %-ile basis