LOCKED Japan Update: BoJ Owns 50.4% of All JGBs Outstanding

BoJ Owns 50.4% of All JGBs Outstanding
Kuroda Says Inflation is “Temporary”
Corporate Debt Highest Since 2000
Record-Braking Heat Wave Threatens Rolling Blackouts

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LOCKED MacroCapture: On Our Radar | 12/15 – 12/20

December 20, 2025

This episode of On Our Radar breaks down the key developments shaping the market landscape, highlights where the data supports—or challenges—our core views, and spotlights the charts commanding our attention right now. We also wrap up with some Hotwire insights on price action.

LOCKED Japan Update: BoJ Raises Policy Rate to 0.75%, Highest Since 1995

December 19, 2025

BoJ Raises Policy Rate to 0.75%, Highest Since 1995
November Nationwide Core CPI +3.0%
LDP, DPP Agree to Raise Tax-Free Income Limit to ¥1.78 Million, Link to CPI
Foreigners Largest Net Buyers of Japanese Equities Since 2013
Banks Raise Demand Deposit Interest to 33-Year High

Thoughts From The Divide: Living in Interesting Times

December 19, 2025

We have seen busier news weeks, but we’re not sure when we last saw a more interesting news week. Let’s start at the intersection of