The Tightly Wound Trade Ready To Snap

[Pallas_Boreas]

The yen hit a 40-year low against the dollar this morning. Japan's finance minister is publicly threatening "decisive action." Speculative bets against the yen sit at a nine-year high. Japan just spent a record amount defending its currency this spring, larger than its entire intervention campaign during the 2024 crisis. A senior BOJ board member is now openly calling for rate hikes every few months.

Link: https://substack.com/home/post/p-204368360