The BOJ’s Yen Dilemma
The United States and Japan have shown an unusual degree of coordination in defending the yen. Yet beneath that apparent unity lies a fundamental disagreement...
Tag: Japan
Japan Is Winning the Battle, Not the Currency War
Japan has spent extraordinary amounts of money defending the yen. The result, so far, is less impressive. After the first coordinated US-Japan intervention since 1998,...
Japan’s ¥8.5 Trillion Warning: Currency Intervention Has Become Geopolitical
For decades, foreign exchange intervention was regarded as an emergency tool, deployed occasionally to smooth excessive volatility before markets inevitably reasserted the underlying economic fundamentals....
The Yen Intervention Marks the Return of Currency Diplomacy
Foreign-exchange intervention is often dismissed as a temporary exercise in market management. Governments spend billions buying or selling currencies, speculators step aside for a few...
The Return of the Inflation Triangle
The global economy is entering a new inflationary phase, not because one single shock has overwhelmed the system, but because three distinct forces are beginning...
The Dollar, the Bond Vigilantes and Japan’s Impossible Choice
The most important signal in global markets is not coming from the Federal Reserve. It is coming from the long end of the US Treasury...
Japan May Be About to Bring Its Money Home
For decades, Japan has quietly financed a significant portion of the global financial system. Its pension funds, insurers and institutional investors have channelled trillions of...
The Bond Market Has Spoken
The war may be fading. The bond market is not. Since the announcement of the fragile US-Iran agreement, investors have rushed to celebrate the return...
Japan Joins the Global Tightening Club
For nearly three decades, Japan occupied a unique place in global finance. While the rest of the world worried about inflation, Japan worried about deflation....