October 11, 2023

LOCKED Japan Update: August Current Account Surplus ¥2.2 Trillion

August Current Account Surplus ¥2.2 Trillion
September Economy Watcher’s Index Shows Weakness
August Balance of Tourism Hits Record
Keidanren Calls for “More Focus” in Supplementary Budget
BoJ Likely to Keep Cap on Long-Term Rates Even After YCC Ends

October 11, 2023

LOCKED Japan Roadmap Part I: Monetary Policy

Ueda seeks normalization of rates and an end to QE
NIRP may be gone by January, YCC by April
What will it take to allow normalization? Higher Wages
Ueda has an excessively weak Yen. Will BoJ let rates rise while MoF intervenes?
As if all that weren’t enough, Regional Banks and Megabanks face potential crises

October 11, 2023

Recent Publications

Japan Update: July Economy Watcher’s Index Falls

Ask Me Anything & Summary of Views with Julian Brigden – August 2022

Thoughts From The Divide – Releasing the Hounds

Japan Update: Japanese Electronic Parts Makers Report Higher Inventories

Macro Insiders: In Focus Trade Portfolio – August 2022

MI2 China Update: Pelosi’s Taiwan trip still on, despite China signaling a potential military response

Blog Posts

Thoughts From The Divide: The Anti-Trump Trade (And Other Graceful Exits)

Thoughts From The Divide: I’ll have what he’s having!

LOCKED Part II: The End of the Basle 3 “Endgame”

LOCKED MacroCapture: On Our Radar | 2/8 – 2/15