report August 11, 2026 The BoJ’s Equity Bet Is Paying for QE Exit BoJ's ¥100+ trn equity ETF portfolio covers what it loses on its bonds. The same portfolio is the only channel through which the exit can break the Bank.... By Takuji Okubo Japan Macro Advisors
report August 5, 2026 Good-bye USD Dominance, Hello Again JPY The yen has been making a quiet comeback as a global currency. As a share of global FX reserves, its share rose from 3.4% in 2009 to 5.8% in 2025, despite the headwind of yen depreciation.... By Takuji Okubo Japan Macro Advisors
report August 3, 2026 The Warsh Factor in the JGB Curve The US bond market is charging a risk premium as the new Fed chair obfuscates. About a quarter of that lands on JGBs, raising 10Y about 10bp at end-2026.... By Takuji Okubo Japan Macro Advisors
report July 31, 2026 Japan Cashes In Its National Carry Trade Japan bought its dollars at ¥114 and is selling them at ¥160.... By Takuji Okubo Japan Macro Advisors
report July 20, 2026 The Long Climb in JGB Yields Is Nearly Over JGB yields saw a historic rise between 2022-2026. Most of the rise came from higher inflation expectations and a normalization of term premia. Our analysis shows the Long Climb is likely nearly over.... By Takuji Okubo Japan Macro Advisors
