The yen is our biggest currency long. JGBs are our biggest sovereign bond short. Japanese banks are one of the…
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The following pages contain chronological lists of articles that have been written by Independent Strategy. Independent Strategy’s research is available by annual subscription. For details of subscription rates and soft dollar payments, please contact Independent Strategy by using the contact form.
The Japanese authorities have intervened to prop up the yen for the first time since 1998. This intervention may squeeze…
Japan remains an oddity. It has suffered from the pandemic but none of the residual problems seen elsewhere — specifically…
The consequence of the Japanese election is that the yen will go to 120 versus the US dollar. It is…
The buoyant Japanese labour market is finally generating some wage pressure. But Japanese demographics have created a structural demand deficit…
We owned a long yen position versus some of our Asian EM currency shorts. The BoJ’s switch to a negative…
PM Abe’s economic strategy consists of monetary stimulus, fiscal reform and the famous structural ‘third arrow’. His achievements are paltry.…
Japan’s government pension investment fund (GPIF) continues to rotate into higher yielding assets. This flow remains supportive for local stocks…
Japanese pension giant GPIF’s asset rotation is more modest than it looks at first glance. The real impact is from…
Japan’s deteriorating trade deficit exposes one of the biggest problems with Abenomics. It places too much weight on the Bank…
The Japanese recovery is vulnerable. Confidence deteriorated ahead of April’s consumption tax rise and inflation is eroding modest (if rare)…
Japan’s has the worst government debt and fiscal arithmetic among the developed economies. And yet government bond yields are around 1% and…
