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LOCKED MacroCapture: Research Dossier – Nov 2025 – A New Dawn in the Land of the Rising Sun

This piece takes a closer look at macro situation in Japan. Japanese equities have outperformed US equities over the last 6 months. We explain why this is just the beginning and that current trends have legs, provided Takaichi can keep her job. Takaichi won’t be great for JGBs, but the better trade is long Japanese stocks which will benefit from strong growth driven by fiscal policy, accelerating money velocity, and interest rates that will stay lower for longer, despite Bessent’s complaints.

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cmeleney
4 months ago

So are we gonna buy EWJ?

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JCSEPULVEDA
4 months ago

Hi Julian. Read this piece which argues that the currency can keep devaluating despite rising rates. Please any thoughts how this can be possible? Do you agree?

https://open.substack.com/pub/michaelnicoletos/p/japan-isnt-losing-control?utm_campaign=post&utm_medium=web

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