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LOCKED Will the BoJ Reverse Course?

  • Japan isn’t immune from global inflation, which is pressing PPI and feeding CPI
  • Our models are still rising, suggesting Core CPI will hit 2% by the middle of the year 
  • The BoJ is getting concerned, and we expect the Monetary Policy Board to signal change
  • Shifting the YCC bands is likely, but at some point, the Yen could come into play

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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.

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