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 13, 2026 The Case For Not Hiking–After Adjusting For Transitory Factors, Inflation Is Falling Towards 2% Beyond the headlines: Inflation's true trajectory suggests a pause on rate hikes... By Alan Brazil SOM Macro Strategies
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 11, 2026 Comment: The BoJ’s Equity Bet Is Paying for QE Exit A couple of points to add on Japan CIA and Yen carry trade ... By Alessio Farhadi Speevr Intelligence
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
report August 3, 2026 The Warsh Factor in the JGB Curve The US bond market is charging a risk premium as the new Fed chair obfuscates. About a quarter of that lands on JGBs, raising 10Y about 10bp at end-2026.... By Takuji Okubo Japan Macro Advisors
report July 31, 2026 Japan Cashes In Its National Carry Trade Japan bought its dollars at ¥114 and is selling them at ¥160.... By Takuji Okubo Japan Macro Advisors
report July 27, 2026 The Case For Not Hiking Inflation Is Fading And What Remains Is Structural Not Demand-Driven... By Alan Brazil SOM Macro Strategies
report July 22, 2026 US Econ | FOMC | GS Mericle Hack David Mericle outlines Goldman Sachs' baseline macro outlook under newly appointed Fed Chairman Kevin Warsh... By Alessio Farhadi
The Case For Not Hiking–After Adjusting For Transitory Factors, Inflation Is Falling Towards 2%