report October 22, 2026 JMA Monthly #1: The Inaugural Issue In this inaugural issue of JMA Monthly, I look at the BoJ’s progress in quantitative tightening and what it means for the JGB market... By Takuji Okubo Japan Macro Advisors
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
