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Cover for THE YEN TRILEMMA: How reflexivity devours BOJ

MACROPRO

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Jun 24, 2026

THE YEN TRILEMMA: How reflexivity devours BOJ

Tokyo 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 — not all three.

#japan#boj#yen

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Cover for Deep Japan Series 01: The Yen Is Not a Currency. It Is the World’s Cheapest Balance Sheet.

MACROPRO

May 04, 2026

Deep 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

#boj#japan#yen

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MACROPRO

Nov 07, 2025

日本：美元帝国最优雅的“输血机”

引言日本，作为世界第三大经济体，却长期陷入一种看似繁荣、实质被动的经济结构。表面上出口强劲、科技先进、资产基盘雄厚，但背后隐藏的是：其对美元主导秩序的依赖、其资本体制成为全球美元资金的余额池、其货币政策持续被外部条件制约。若用“吸血结构”来描述，这并不夸张。你不是在读一个失败国家，而是读一个被架构设计成“流动性缓冲”角色的国家。

#japan#dollar#日元

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MACROPRO

Oct 19, 2025

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。

#boj#qe#qqe

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