October 15, 2024

LOCKED Japan News Weekly Digest | 10/7 – 10/13

More content for you in an easily digestible format! The Japan News Weekly Digest is our weekly summary of the Japan Update. This piece encapsulates and references the Japan Updates published in the last week so you can easily understand what you may need to dig into.

As a quick reminder, the Japan Update, our market commentary piece, is uniquely sourced from Japanese language publications. Published 10-15 times a month and written by Jeff Uscher, a Western educated and US located, fluent Japanese financial writer. You can always sign up to receive the Japan Update when it is initially published in your account notification settings. As always, please reach out with any questions or comments!

October 15, 2024

LOCKED Japan Roadmap Follow-Up Part II: Markets

Summary

While a lot can go wrong the BoJ continues to move forward with normalising policy
If they are successful yields in the belly of the JGB curve could double from current levels
We expect the Yen to strengthen but much beyond 130 would threaten renewed deflation
Japanese bank stocks could be the biggest beneficiaries and could double from here

October 15, 2024

LOCKED Macro Insiders: In Focus from Julian – Dissonance Resolved?

In my pieces over the last few weeks, I have urged caution. I have looked at how the backdrop of economic growth in the US is deteriorating while acknowledging that the latent strength of activity, aided by hyper-financialisation, is yet to categorically turn. For now, the latter trumps the former, it seems. Thus, we remain on a knife edge and there is event risk around the US election just around the corner.

October 15, 2024