report September 10, 2026 Yen Repatriation Starts with the Whale GPIF, one of the largest national pension funds in the world, is likely to rebalance its assets from non-yen bonds to yen bonds, signaling a big turn in Japan's cross-border capital flows.... By Takuji Okubo Japan Macro Advisors
report September 4, 2026 Using PSI to predict the next BoJ policy decision BoJ will decide its policy on September 18. In this article, I read each board member through Policy Stance Indicator and explain the likely outcome, 7-2 for hike.... By Takuji Okubo Japan Macro Advisors
report September 4, 2026 BoJ Policy Stance Indicator — The Primer BoJ-PSI assesses the policy stance of each board member at every meeting and every speech. It uses text analysis to attribute anonymous remarks in the BoJ minutes to individual members.... By Takuji Okubo Japan Macro Advisors
report August 30, 2026 Mark Carney’s Stag Hunt Canada cannot win a trade war against the US solo, and Carney knows it. In this article, I explain the global trade war through a game theory lens, and show the real game Carney is playing.... By Takuji Okubo Japan Macro Advisors
report August 22, 2026 We Don’t Judge Canada by Its Gross Debt Gross debt to GDP ratio is over-rated as a key fiscal indicator. I explain why a gross debt ratio can mislead, least of all the "Japan’s 250% debt to GDP" slogan... By Takuji Okubo Japan Macro Advisors
