The Yen Is Not Recovering. It Is Being Repriced.
Tokyo, the BoJ, and the Return of Bond Vigilantes
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The Yen Is Not Recovering. It Is Being Repriced.
The market narrative says the yen is “stabilizing.”
Topics
- Japan
Further reading
- MACRO RESEARCHDeep Japan Series 01: The Yen Is Not a Currency. It Is the World’s Cheapest Balance Sheet.This is how Japanese yen actually works in global market
- MACRO RESEARCH日债抛售潮如何引爆美股抛售：一条从“日本期限溢价”到“全球风险资产再定价”的传导链How Japanese Bond Selloff could trigger global financial chaos
- VOL RESEARCHTHE YEN TRILEMMA: How reflexivity devours BOJTokyo raised rates to a 31-year high. The currency fell anyway. Japan is finding out, in real time, that you can defend the yen, protect the debt, or keep the politicians happy — n
- FED RESEARCHJapan Cannot Buy Yield: The Ministry of Finance Against the Carry Trade MachineTokyo has deployed a record $73 billion defending the yen. USDJPY held near 160. That is not a failure of will. It is proof that intervention is a liquidity event, and the carry tr
- FED RESEARCHJapan: The Most Elegant Blood Transfusion Machine of the Dollar EmpireHere's how Dollar system de facto controls the world economy, and we are therefore slaves of it
- MACRO RESEARCH究竟失去了几十年？日本宏观货币政策深度剖析（1）摘要 日本经济在过去三四十年里，经历了资产泡沫破裂、长期停滞、通缩压力、老龄化冲击，再加上全球化与区域竞争的新变量。在这样的环境下， Bank of Japan（日银，BOJ）不得不被迫使用一系列“超常规”货币政策工具：零利率、负利率、量化宽松（QE）、定量质化宽松（QQE）、收益率曲线控制（YCC）、广泛资产购买（包括股票 ETF）等。