Set a reminder for my upcoming Space! Weston Nakamura and I are going to discuss live. x.com/i/spaces/1YqKD…

Ah - so the exact opposite on every point that I laid out. Cool

Japan’s #1 export isn’t cars or electronics or any “goods & services” - its biggest export is massive sums of 🇯🇵capital deployed overseas 👇This is the equivalent of 🇨🇳 losing its position as #1 manufacturing exporter

Live discussion with Michael A. Gayed, CFA in a few hours Last time was 🇯🇵 currency blowing up the world This time it’s 🇯🇵 bond markets Join us 👇 x.com/i/spaces/1YqKD…

Reference material: 👇 bit.ly/3HaWQI6

Listen back to this with Weston Nakamura , he’s one of my new favorites in X. In Japan, tells it like it is. Michael A. Gayed, CFA , of course is a must follow. Great discussion about Japan’s situation.

Just fyi- I had the wrong date/day 🇯🇵40Y JGB auction is: Tues🇺🇸 / Wed🇯🇵 ~PM open

What a timely spaces w/ Michael A. Gayed, CFA on 🇯🇵JGB yields & 🇺🇸🌎 bond market impact.. JGB yields get crushed -20bps, JP30Y > 3% upon headline of 🇯🇵MOF potential altering duration for JGB issuance ↓ 🇺🇸UST yields (returning from holiday) follow JGBs- US30Y break < 5% during 🇯🇵hours

x.com/i/spaces/1ynJO…

Brad Setser To be fair, yea USDJPY is up “MTD” but within the month it did drop -6 handles in like 10 days- off of technical levels Flow-wise Futures: Asset Managers went from net flat in Jan → record long JPY by May, then closed out -10% open longs on 🇺🇸🇨🇳tariff pause + 🇯🇵Foreign bond