#Carry Trade

The chart is lying to you. Look at the volume delta. USD/JPY just smashed...

While everyone watches the Federal Reserve's dot plot and the US Treasury's...

The 10-year JGB just hit 2.945%. The 30-year sits at 4.115%. Those are 1996...

The market does not care about your narrative. On August 23, Japan’s core CPI...

The anomaly is not the headline number. The anomaly is what the number is...

Japan's 10-year bond just hit a level not seen since the Bubble Era. Nikkei...

The data is clear: a Bank of Japan rate hike as early as September, with a...

Japan's five largest life insurers just reported a combined $96 billion in...

The number is $96 billion. That's the unrealized loss sitting on the balance...

The number sits in a regulatory filing. $96 billion. Unrealized losses on...

Twenty-eight years. That's how long it had been since Washington and Tokyo la...

The yen is not weak. It is exposed. And the distinction between those two...

Bitcoin trades at $64,000. Thirty-day return: +9%. Ninety-day return: -18%....

I remember watching the liquidity dry up like a tide pulling away from a...

The hedge fund consensus on the Japanese Yen is the most bearish since 2007....