Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

FX & Rates

<ul><li>The carry trade involves borrowing in lower yielding currencies like the yen and investing in higher yielding assets</li><li>The recent unwind of the carry trade caused temporary market stress, but quickly settled down</li><li>The actors involved in the carry trade range from speculators to institutions, making it a diverse ecosystem with varying motivations and impacts</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The carry trade involves borrowing in lower yielding currencies like the yen and investing in higher yielding assetsThe recent unwind of the carry trade caused temporary market stress, but quickly settled downThe actors involved in the carry trade range from speculators to institutions, making it a diverse ecosystem with varying motivations and impactsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Hyun Song Shin on How Big the Yen Carry Trade Really Is

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Happy Sunday, friends, and welcome to my straight-to-the-point editorial on everything macro!Just as everyone had concluded that Trump and his (alleged) trade wars would be bond-unfriendly, the bond market has started performing much better—exactly as we suggested would happen following the election results.</li><li>The first major difference compared to 2016, when bonds rioted after Trump’s victory, is that Trump was the clear base case this time around.</li><li>The second major difference is that Trump’s policy mix is not inflationary this time—in fact, it’s quite the opposite.</li></ul>

Happy Sunday, friends, and welcome to my straight-to-the-point editorial on everything macro!Just as everyone had concluded that Trump and his (alleged) trade wars would be bond-unfriendly, the bond market has started performing much better—exactly as we suggested would happen following the election results.The first major difference compared to 2016, when bonds rioted after Trump’s victory, is that Trump was the clear base case this time around.The second major difference is that Trump’s policy mix is not inflationary this time—in fact, it’s quite the opposite.

Steno Signals #128- I thought Trump and tariffs were supposed to lead to a bond riot?

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.

<ul><li>Historical analysis suggests that previous lows in yen or highs in dollar yen may be difficult to recapture after significant technical damage.</li><li>The yen strength is influenced by wide US minus Japan real policy rate differentials, skewing historical results in a more yen bearish direction.</li><li>Expectations for the upcoming BOJ meeting include a 15 basis point rate hike and a halving of bond purchases, leading to dispersion of views among investors on the timing of rate hikes.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Historical analysis suggests that previous lows in yen or highs in dollar yen may be difficult to recapture after significant technical damage.The yen strength is influenced by wide US minus Japan real policy rate differentials, skewing historical results in a more yen bearish direction.Expectations for the upcoming BOJ meeting include a 15 basis point rate hike and a halving of bond purchases, leading to dispersion of views among investors on the timing of rate hikes.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul><li>MoF intervention in Japan estimated at 3.5 trillion yen, impacting yen price action</li><li>Discussion on GPIF's asset allocation and potential repatriation flows</li><li>Expectation for increase in domestic bond weight in GPIF's portfolio, impacting yen strength</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

MoF intervention in Japan estimated at 3.5 trillion yen, impacting yen price actionDiscussion on GPIF's asset allocation and potential repatriation flowsExpectation for increase in domestic bond weight in GPIF's portfolio, impacting yen strengthThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: On Japan Intervention/ GPIF, Dollar Supports and European Data

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

<ul>
<li>As observed elsewhere, inflation in Japan is sticky and the country is importing a considerable amount of inflation due to its weakening currency.</li>
<li>While too early to tweak monetary policy again, to limit currency volatility as much as possible, hinting at a less accommodative policy now would be opportune.</li>
<li>The Japanese Finance Minister appears to be anticipating potential Yen intervention.</li>
</ul>


As observed elsewhere, inflation in Japan is sticky and the country is importing a considerable amount of inflation due to its weakening currency.
While too early to tweak monetary policy again, to limit currency volatility as much as possible, hinting at a less accommodative policy now would be opportune.
The Japanese Finance Minister appears to be anticipating potential Yen intervention.


Japan

The Japanese yen is the official currency of Japan. 

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

JPY (USDJPY CURNCY)

Hyun Song Shin on How Big the Yen Carry Trade Really Is

The recent carry trade unwind caused temporary market stress but was quickly recovered from, highlighting the importance of understanding and...

Odd Lots

Steno Signals #128- I thought Trump and tariffs were supposed to lead to a bond riot?

Happy Sunday, friends, and welcome to my straight-to-the-point editorial on everything macro!Just as everyone had concluded that Trump and his...

Steno Research

Global FX & Economics: Yen-maggedon

The historical analysis and current market conditions suggest that recovering from the recent yen strength may be difficult, with uncertainties...

At Any Rate

Global FX: On Japan Intervention/ GPIF, Dollar Supports and European Data

The Ministry of Finance intervened in the yen market, leading to significant capital outflows from Japan and potential repatriation flows due to...

At Any Rate

USDJPY - An Opportunistic Currency Trade

New Currency Trade Idea. We are initiating an opportunistic long position in the Japanese Yen against the US dollar as the USDJPY exchange rate...

Jeroen Blokland

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)