Understand How Markets Actually Work, Learning.Investing.Thriving.

Marc Rudajev

Understand How Markets Actually Work

Learning.Investing.Thriving.

Learning.Investing.Thriving. is built on a simple idea: If you want to build wealth, you need more than stock tips. You need to understand how markets actually work.

Thematic (Sector/Industry)

<ul><li>Fast Five is usually a weekly earnings snapshot.</li><li>This week we are doing something different. The most important events of the week had nothing to do with earnings and everything to do with the price of money.</li><li>Major central banks made decisions on rates and made announcements about their outlooks for the remainder of the year.</li></ul>

Fast Five is usually a weekly earnings snapshot.This week we are doing something different. The most important events of the week had nothing to do with earnings and everything to do with the price of money.Major central banks made decisions on rates and made announcements about their outlooks for the remainder of the year.

Fast Five: Special Debt Edition (Fed, BOJ, ECB, BOE)

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

FX & Rates

<ul><li>Optimism tends to quickly affect risk markets but lacks follow-through</li><li>Ceasefire holding for now, but uncertainty in FX market due to Fed pricing</li><li>Japanese MOF intervention in currency market causing fluctuations in Dolly JPY, uncertainty on further intervention possibilities</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Optimism tends to quickly affect risk markets but lacks follow-throughCeasefire holding for now, but uncertainty in FX market due to Fed pricingJapanese MOF intervention in currency market causing fluctuations in Dolly JPY, uncertainty on further intervention possibilitiesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: Yentervention and other FX policy stories

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Rate hike expectations yo-yoing as the Fed meeting draws closer, impacting many of our themes</li>
<li>Long Japanese Yen starts to work. Now follow through is needed</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Rate hike expectations yo-yoing as the Fed meeting draws closer, impacting many of our themes
Long Japanese Yen starts to work. Now follow through is needed


Overview #76 – The Circus Comes to Town

Macro, FX and Rates Strategist

Ishaan Dev Kapoor

Macroeconomics

<ul>
<li>Three Treasury interventions in three weeks, EUR/JPY sales, FIMA request, doubled buybacks, read as term premium suppression. The Treasury put looks to have a higher strike than the Fed put.</li>
<li>Rising term premium squeezes the Treasury twice: it inflates the interest bill, and it threatens equities, the one asset class keeping US financial conditions loose. Debt management becomes financial stability.</li>
<li>Japan's bill buffer is spent. The next yen defence sells coupons into the long end or borrows through FIMA. By 16 September the cap has moved or it hasn't.</li>
</ul>


Three Treasury interventions in three weeks, EUR/JPY sales, FIMA request, doubled buybacks, read as term premium suppression. The Treasury put looks to have a higher strike than the Fed put.
Rising term premium squeezes the Treasury twice: it inflates the interest bill, and it threatens equities, the one asset class keeping US financial conditions loose. Debt management becomes financial stability.
Japan's bill buffer is spent. The next yen defence sells coupons into the long end or borrows through FIMA. By 16 September the cap has moved or it hasn't.


The Treasury Put, Financial Stability and the Road to Fiscal Dominance

External broker reports(aggregated public sources), Mizuho

Mizuho

External broker reports(aggregated public sources)

Mizuho Bank is a leading global bank with one of the largest customer bases in Japan, and an extensive international network covering financial and business centers around the world. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>USD/JPY continued to rise in November</li><li>Reflationary expectations are strengthening under the Takaichi administration, thanks also to the unrestrained rhetoric of those around the prime minister</li><li>Unless there is a clear shift in the government and ruling party’s fiscal and monetary policies, market participants have little reason to stop selling JPY and JPY­ denominated bonds</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

USD/JPY continued to rise in NovemberReflationary expectations are strengthening under the Takaichi administration, thanks also to the unrestrained rhetoric of those around the prime ministerUnless there is a clear shift in the government and ruling party’s fiscal and monetary policies, market participants have little reason to stop selling JPY and JPY­ denominated bondsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Japan

The Japanese yen is the official currency of Japan. 

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JPY (USDJPY CURNCY)

Fast Five: Special Debt Edition (Fed, BOJ, ECB, BOE)

Fast Five is usually a weekly earnings snapshot. This week we are doing something different. The most important events of the week had nothing to...

Marc Rudajev

Global FX: Yentervention and other FX policy stories

The market is uncertain about the direction of the dollar, with optimism quickly priced in but the Japanese MOF intervening to keep the dollar yen...

At Any Rate

Overview #76 – The Circus Comes to Town

A review of recent events/data impacting our investment themes and outlook. We look at the change in rate-hike expectations and what it means for...

Rikki Malik

The Treasury Put, Financial Stability and the Road to Fiscal Dominance

The US Treasury keeps feeding the fiscal dominance trade. We read three interventions in three weeks as term premium suppression, trace the...

Ishaan Dev Kapoor

Forex Medium-Term Outlook(Dec, 2025)

Reflationary expectations are strengthening under the Takaichi administration, thanks also to the unrestrained rhetoric of those around the prime...

Mizuho

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