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Japan

Behind the Curve In Tokyo
USD/JPY has reached its highest level since 1986, and markets are increasingly pricing the risk that the BoJ stays behind the curve. Verbal intervention from the BoJ and the US Treasury has so far proved ineffective. The recent bear steepening of the JGB…
Daily Insights by Felix Vezina-Poirier
1 day ago
Third Quarter 2026 Strategy Outlook: Aging Bull

The equity bull market is getting long in the tooth. Bonds should perform well once economic growth begins to slow. The dollar will strengthen over the coming months before resuming its downtrend. While crude has likely found a near-term floor, we favor metals over energy in the long run.

Global Investment Strategy by Peter Berezin
Hot Tokyo Summer
The June Tokyo CPI came in hotter than consensus, pointing to rising price pressures and further policy tightening. The headline index rose to 1.7% y/y from 1.4%. Core measures were also hot, with CPI ex-fresh food rising to 1.6% from 1.3%, and “core core”…
Daily Insights by Felix Vezina-Poirier
Fade The Dollar, Watch The Yen

The dollar has had a strong run but its key supports from Fed repricing, positioning, and terms of trade are starting to fade. We close our tactical long USD positions and turn to short USD/JPY, where intervention risk makes yen shorts look increasingly dangerous.

Foreign Exchange Strategy by Artem Sakhbiev
Japan: Exports Can’t Do It Alone
Japan’s export outlook remains favorable, but domestic weakness warrants tactical caution on equities. A sharp decline in the real effective exchange rate and continued growth in AI infrastructure spending are supporting exports. Japan’s share of exports to…
Daily Insights by Ayaan Sohhel
Japan, El Niño Hedges, And US Consumer Resilience

In this screener report, we explore opportunities in Japanese Non-TMT equities, El Niño hedges, and US consumer-facing equities.

Equity Analyzer by Henry Tang
The BoJ Remains Underpriced
The Bank of Japan raised rates to their highest since 1995, but market pricing still understates the tightening path. The BoJ hiked 25 bps to 1%, as expected, in a 7-1 decision. This marks another step in Japan’s exit from its structurally deflationary…
Daily Insights by Felix Vezina-Poirier
Japan’s Quiet Resilience
Japan’s May Eco Watchers Survey beat estimates, pointing to resilient growth despite the Middle East conflict. Both the current conditions and outlook indexes rose more than expected, to 43.6 from 40.8 and to 40.7 from 39.4, respectively. Both had plunged in…
Daily Insights by Gabriel Gosselin, Felix Vezina-Poirier
Buying Time: Yen Intervention Will Struggle To Turn The Tide

MoF FX intervention has drawn a line at 160, triggering a sharp yen squeeze. But with near-term fundamentals still stacked against the currency, USD/JPY remains poised to retest the highs before any durable turn.

Foreign Exchange Strategy by Artem Sakhbiev
The Stage Is Set For Further BoJ Hikes

The BoJ held rates overnight, but the direction of travel hasn’t changed. We discuss how stronger wages, rising inflation, and a weak yen point to further tightening ahead.

Global Fixed Income Strategy by Robert Timper

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