The Return of Yentervention
Explicit content warning
05/16/24 • 71 min
Weston Nakamura's guest appearance on Endgame Podcast with @peruvian_bull discussing the Bank of Japan, Ministry of Finance and the latest round of yenterventions.
Endgame Podcast: Welcome to the YenGame with Weston Nakamura
(Filmed on Friday May 3rd 2024)
2:10 Background of Bank of Japan's Radical Policy Experimentation
11:45 How Yield Curve Control Ultimately Failed
19:30 Limitations To Further JGB Buying, And Unwinding
22:57 The Carry Trade
27:52 🇯🇵BOJ + 🇦🇺RBA’s Dual YCC, AUD/JPY Carry Trade, and Risk Assets in 2020
32:10 Current State of JPY Carry Trade
37:15 Japan’s Playbook: “Aggressively Waiting” & The Unknown
45:25 “Too Big To Fail Countries” - Japan’s Moral Hazard
50:45 Yentervention Week and Near-Term Markets
56:30 A Failed Yentervention: Japan’s Biggest Immediate-Term Fear
58:50 MOF Is the Most Informed Market Parcipant
1:02:55 Japan Capital Controls?
1:06:38 Asia Regional Impact: Chinese yuan & Korean won
1:17:50 US Treasuries
Follow Peruvial Bull:
"Japan At War With Markets (I) - Anatomy of Yentervention Week"
Read full article on Across The Spread HERE ☛ https://bit.ly/44IUcks
Support Across The Spread on Substack for original market insights and commentary.
Follow on X: twitter.com/acrossthespread
Hosted on Acast. See acast.com/privacy for more information.
Weston Nakamura's guest appearance on Endgame Podcast with @peruvian_bull discussing the Bank of Japan, Ministry of Finance and the latest round of yenterventions.
Endgame Podcast: Welcome to the YenGame with Weston Nakamura
(Filmed on Friday May 3rd 2024)
2:10 Background of Bank of Japan's Radical Policy Experimentation
11:45 How Yield Curve Control Ultimately Failed
19:30 Limitations To Further JGB Buying, And Unwinding
22:57 The Carry Trade
27:52 🇯🇵BOJ + 🇦🇺RBA’s Dual YCC, AUD/JPY Carry Trade, and Risk Assets in 2020
32:10 Current State of JPY Carry Trade
37:15 Japan’s Playbook: “Aggressively Waiting” & The Unknown
45:25 “Too Big To Fail Countries” - Japan’s Moral Hazard
50:45 Yentervention Week and Near-Term Markets
56:30 A Failed Yentervention: Japan’s Biggest Immediate-Term Fear
58:50 MOF Is the Most Informed Market Parcipant
1:02:55 Japan Capital Controls?
1:06:38 Asia Regional Impact: Chinese yuan & Korean won
1:17:50 US Treasuries
Follow Peruvial Bull:
"Japan At War With Markets (I) - Anatomy of Yentervention Week"
Read full article on Across The Spread HERE ☛ https://bit.ly/44IUcks
Support Across The Spread on Substack for original market insights and commentary.
Follow on X: twitter.com/acrossthespread
Hosted on Acast. See acast.com/privacy for more information.
Previous Episode
From D-Student with Zero Experience To Trading At Goldman Sachs: Weston Nakamura’s Story
From my presentation to the investment club at Temple University Japan Campus on March 28, 2024.
- Contingency Planning: my “religion” for markets, trading, & careers (risk management)
- My Background: Bottom academics, no institutional experience, no markets knowledge, move to Tokyo with nothing → Goldman futures trading desk → Jefferies equity sales
- Trading Markets: Learn about YOURSELF WITHIN MARKETS (& not markets themselves). Pay market tuition & never take a market loss. BIG WINS are produced by: Luck + Prioritize focus, effort & intended mindset upon mitigating BIG LOSSES + Luck
- Career Commentary: Preparing for the Coming Crisis of Major Widespread & Permanent Job Destruction from Disruption - the risk of specialization, expertise & experience. Contingency Planning.
- Q&A: Advantage of NOT being Ivy League.
A big thank you to the investment club at Temple University Japan!
Support Across The Spread by subscribing on Substack:
https://westonnakamura.substack.com
Follow Weston on X: @acrossthespread
acrossthespread.com
—
Video Clip:
Charlie Rose
06/10/2014
Lloyd Blankfein, chairman and C.E.O. of Goldman Sachs, on the shale revolution, Wall Street, and income inequality.
https://charlierose.com/videos/29860
—
NONE of this is trading or career advice, or education. All views are solely that of Weston Nakamura and Across The Spread.
Hosted on Acast. See acast.com/privacy for more information.
Next Episode
The Most Important Price Level In Global Markets Right Now
Originally aired Jul 30, 2024 on YouTube: Watch the episode on video with charts to follow along at Across The Spread Official Youtube Channel here,
For further insights and commentary on JPY and its correlation vs NDX, including a deeper look into CTAs, systematic flow behavior and more, see the corresponding article on Across The Spread Substack - read here USDJPY: 152 - The CrowdStrike of Global Markets
As yen strength shakes up markets, USDJPY at 152 is the world’s most consequential green & red blinking ticker price level in the immediate term as it relates to major global markets across asset classes - from DM equities to EM currencies to gold and more, according to Weston Nakamura.
The most impactful “market player,” or market force, is Japan Ministry of Finance and their shift in yentervention tactic - as well as the Bank of Japan this coming week.
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Support Across The Spread on Substack by becoming a paid subscriber, and get access to the full suite of exclusive written and video content to stay on top of major market themes and globally impacting developments stemming from Asia, along with original market insights and commentary.
Official Substack: https://westonnakamura.substack.com/
Official Website: acrossthespread.com
Official Youtube: https://www.youtube.com/@acrossthespreadYT
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Hosted on Acast. See acast.com/privacy for more information.
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