In its latest quarterly report, Stenham examines the effect political transition has had on the three largest economies in the world: the US, China and Japan. It also looks at the year ahead and the many questions it raises, among them: will Japan be able to reverse two decades of weak economic performance into growth? And will the US exit quanitative easing? Finally, it concludes that markets are more investable and fundamentals are coming to the fore in asset and security performance.