Economic strategy commits Japan to risky course of action
State-Led Growth and Security Spending Takes Center Stage
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.
Legislative wins masks bigger challenges for Takaichi
Takaichi’s uncompromising style: victories at a rising political cost
Japan’s Fiscal Vigilantes Are Misreading the Curve
The JGB curve’s shape shows fiscal fear is not the primary driver for the rise in long term bond yields
Changing the GPIF will be easier said than done
Japan’s Pension Puzzle: Policy Talk vs. Reform Reality
Takaichi’s opponents force her to back down again
Concessions Reveal Cracks in Takaichi’s Leadership
Mercy for a Central Bank in a Vice
The vice that held the Bank of Japan for four months loosened this morning.
The limits of power
Ambition Meets Reality: Takaichi’s Struggle for Legislative Control
Spectra Markets | am/FX: USDJPY and NFP
Short & to the point today
Takaichi’s fiscal gamble comes into view
Japan’s Ambitious Spending: A High-Stakes Path to Prosperity