Japan BoJ Preview: September Hike, Then Patience Takuji Okubo Japan Macro Advisors September 13, 2026
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
report August 19, 2026 The Land of the Slowly Rising Coupon Japan's net interest payments will remain the lowest among the Indebted Five: US, UK, France, Italy and Japan... Japan Macro Advisors
report August 17, 2026 Ten charts to Monitor the BoJ’s QE Exit — Part 1 I present BoJ QT monitor. In part 1, I focus on how far the BoJ's JGB ownership fell, who filled the gap and what happens to public sector debt duration when you consolidate BoJ reserves into it.... By Takuji Okubo Japan Macro Advisors
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
