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 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 6, 2026 LDP signs off on tax cut, but broader fight is just beginning Takaichi's fiscal policies ignite domestic dissent and international scrutiny... By Tobias Harris Japan Foresight
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 Takaichi buys time with joint intervention but tough decisions still await A currency alliance offers a reprieve, but Takaichi's fiscal vision faces scrutiny... By Tobias Harris Japan Foresight
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 BOJ holds but anticipates higher inflation from multiple sources Hawkish Signals Point to September Hike, Aided by Political Climate... By Tobias Harris Japan Foresight
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 30, 2026 Consumption tax decision sets stage for fall fireworks Takaichi's Tax Cut: Unilateral Action, Mounting Opposition... By Tobias Harris Japan Foresight
report July 24, 2026 Diet session ends with Takaichi on defensive Recess or Reset? Takaichi's Uphill Battle for Public Support and Policy Control... By Tobias Harris Japan Foresight
report July 21, 2026 Economic strategy commits Japan to risky course of action State-Led Growth and Security Spending Takes Center Stage... By Tobias Harris Japan Foresight
report July 20, 2026 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.... By Takuji Okubo Japan Macro Advisors
report July 17, 2026 Legislative wins masks bigger challenges for Takaichi Takaichi's uncompromising style: victories at a rising political cost... By Tobias Harris Japan Foresight
report July 16, 2026 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... By Takuji Okubo Japan Macro Advisors
report July 13, 2026 Changing the GPIF will be easier said than done Japan's Pension Puzzle: Policy Talk vs. Reform Reality... By Tobias Harris Japan Foresight
report July 8, 2026 Takaichi’s opponents force her to back down again Concessions Reveal Cracks in Takaichi's Leadership... By Tobias Harris Japan Foresight
report June 30, 2026 The limits of power Ambition Meets Reality: Takaichi's Struggle for Legislative Control... By Tobias Harris Japan Foresight
report June 26, 2026 Takaichi’s fiscal gamble comes into view Japan's Ambitious Spending: A High-Stakes Path to Prosperity... By Tobias Harris Japan Foresight
report June 23, 2026 Takaichi presses ahead with tax cut plan despite doubters A High-Stakes Push Against Political Headwinds... By Tobias Harris Japan Foresight
report June 16, 2026 No surprises from BOJ as focus turns to fiscal policy Monetary Stability Achieved, Fiscal Challenges Loom for Takaichi Government... By Tobias Harris Japan Foresight
report June 12, 2026 BOJ will send useful signals even with Ueda absent Beyond Ueda: Decoding the BOJ's Next Steps on Rates and Bonds... By Tobias Harris Japan Foresight
report June 10, 2026 Takaichi’s denials do little to stem growing political scandal Defamation allegations, defiant denials, and the rising political cost... By Tobias Harris Japan Foresight
report June 2, 2026 Takaichi prepares tax cut amidst economic and political headwinds Politics Over Prudence: Takaichi's Risky Tax Cut Strategy... By Tobias Harris Japan Foresight
report May 27, 2026 With new budget coming, Takaichi faces fuel subsidy fight Japan's PM navigates the political tightrope of essential, yet unsustainable, fuel aid... By Tobias Harris Japan Foresight
