No investor would deny that 2025 has been a “lively” year. Tariffs, interest-rate cuts, and questions about a potential artificial-intelligence “bubble” have dominated headlines in recent months. Even so, 2025 will also be remembered as a year of transition and adjustment.

High stock market valuations and the concentration of gains, especially in the technology sector, dominate much of the analysis, although MAPFRE's experts point to another crucial factor: central bank policy. With the Fed facing another rate cut and a likely change in its chairmanship, and a European Central Bank that could take the opposite path if economic growth exceeds expectations, monetary policy could be decisive in the currency, bond, and equity markets.

The Japanese stock market has made a strong comeback and is once again on investors’ radar after years of being overlooked due to a weak economy and a deflationary backdrop.