When markets buckle, investors usually know where to hide: U.S. Treasurys, the Japanese yen and gold. But in 2026, that playbook has not worked as expected. Treasury yields have climbed since the Iran war began, the yen has weakened to multi-decade lows against the dollar, and gold has fallen sharply from its January peak. The reason, strategists say, is that this is not a classic risk-off episode. Inflation fears, higher real yields, fiscal concerns and wide interest-rate gaps are overwhelming the usual demand for safety — while investors continue to chase gains in AI-linked stocks. Frederic Neumann, chief Asia ... (full story)