report October 20, 2026 Yen Repatriation: The Tide Is Turning From 2014 to 2025, Japan bought foreign securities worth about 2% of GDP a year. In 2026 the tide is turning. Banks are selling foreign bonds and capital flow has turned to a small net inflow... By Takuji Okubo Japan Macro Advisors
report October 15, 2026 BoJ’s Koeda Points to a Longer Hiking Cycle Her potential-growth example implies a neutral rate around 2.8%, above the Bank's published 2.5% ceiling and well above today's 1.25% policy rate... By Takuji Okubo Japan Macro Advisors
report October 15, 2026 The Great Yen Rebalancing GPIF, households and the FDI: The capital outflow that sank the yen for 15 years are now rebalancing back to yen... By Takuji Okubo Japan Macro Advisors
report October 14, 2026 The BoJ Has Reasons Not to Hike Too Soon Bank loan growth is showing an early sign of moderation. Higher debt service costs affect SMEs disproportionally. The BoJ has good reason to be patient before the next hike... By Takuji Okubo Japan Macro Advisors
report October 10, 2026 Japan Inc. Now Sells No Yen to Invest Abroad Earnings on Japan’s foreign direct investment (FDI) reached 103% of new FDI in 2022–25. With dividends and retained earnings counted together, Japan Inc. now need to sell little yen to invest abroad... By Takuji Okubo Japan Macro Advisors
