Shows
Hidden ForcesWhy Japan’s Elections Could Blow Up Global Bond Markets | Weston NakamuraIn Episode 429 of Hidden Forces, Demetri Kofinas speaks with Weston Nakamura, a Tokyo-based financial analyst and the creator of “Across the Spread,” a market analysis and information service that identifies key market developments from the Asia-Pacific trading session, exploring their impact on equities, bonds, currencies, and commodities across global markets. Weston recently spoke with members of the Hidden Forces Genius community, helping them make sense of the Japanese elections that took place over the weekend. He explained what the results mean for what he calls “the world’s most dangerous market” and why a new governing coalition made up of...2025-07-2454 min
Maggie Lake Talking MarketsEpisode 63: Oil - The Match That Sparks A Crisis? With Michael Gayed & Weston Nakamura.The global markets reacted today to Israel's strikes on Iran, with oil and gold up and stocks down. On this special episode of Talking Markets, recorded as markets opened this morning, Maggie Lake sits down with Michael Gayed, Portfolio Manager of the Free Markets ETF and publisher of The Lead-Lag Report, and Weston Nakamura, founder of Across the Spread Research. They discuss the near-term implications of this escalation of tensions in the Middle East, before digging into Japan specifically. They discuss the risks in the Japanese government bond market, how a sustained oil spike could cause Japan to panic, and...2025-06-1354 min
Across The SpreadBank of Japan Rates Now On A Knife’s EdgeBank of Japan January 2025 rate hike commentary and analysis summary.The Critical “BOJ 50bps Ceiling” Bank of Japan Jan’25 Meeting Markets BreakdownGovernor Ueda’s Press Conference12:42 Background Context of BOJ Rate Hikes Under Gov Ueda17:05 Governor Ueda's “One More Notch” NeededThe BOJ “Rice Price” Rate Hike“If The Outlook Is Realized, Bank of Japan Will Continue To Raise Rates” - What This Really MeansFurther Insights & Commentary on Jan’25 Bank of Japan:•Bank of Japan Jan’25 Rate Hike (Video)BOJ policy rate at 0.5% is now on a knife’s edge - until the next hike...2025-01-2931 minMaggie Lake Talking MarketsEpisode 45: The Asian Flows No One is Talking About. With Weston NakamuraNine major central banks are meeting this week to decide monetary policy. Maggie Lake sits down with Weston Nakamura, author of Across the Spread substack, to discuss the outlook for the dollar and whether the Bank of Japan will buck the global trend and tighten. They'll also talk about why investors may be underestimating a powerful bid to US markets - Asian investors fleeing domestic troubles.
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Lead-Lag LiveWeston Nakamura on Japanese Political Shifts, Yen Carry Trade Dynamics, and China's Strategic Economic PoliciesUnlock the secrets behind Japan's unexpected political shifts and their seismic impact on financial markets. Discover how Takaichi, a staunch right-wing conservative, has shaken up the political scene by opposing rate hikes and backing a weaker yen, leading to a surprising surge in the Nikkei index. Join Weston Nakamura, with his extensive institutional finance background, as he dissects these developments and offers insights into how political currents are swaying market movements, inviting you to join the conversation and deepen your understanding of these dynamics.We venture into the complexities of the yen carry trade and challenge conventional...2024-10-0454 min
Across The SpreadChina Blasts Stimulus As Japan Self-Destructs | Weston Nakamura & Michael GayedStreamed live on Sep 30, 2024Michael Gayed interviews Weston Nakamura once again during live market hours in Asia, as Japan implodes upon the LDP leadership election results, as Shigeru Ishiba stuns markets in a victorious runoff round against Sanae Takaichi to become Japan’s next Prime Minister. Weston discusses why NKY and USDJPY are getting idiosyncratically hammered. Meanwhile, China unleashes multifaceted stimulus measures as the biggest market development out of Asia (if not globally) in the past week - Weston and Michael discuss if this is the real-deal, or just another movie replay.2024-10-0148 min
Across The SpreadMichael Gayed & Weston Nakamura LIVE During Black Monday Japan Trading HoursFilmed live on Monday August 5, 2024 during the Japan AM trading session of Black Monday 2024, the day that Japan had blown up global markets.Michael A. Gayed of The Lead-Lag Report and Weston Nakamura from Across The Spread are live, just as the NKY225 and TOPIX Indices see a stunning -12% single-day drop, with global indices across Europe and the US following suit, all thanks to a massive (continuing) surge in JPY. Michael and Weston discuss the JPY carry trade unwind, the Japan equity market meltdown, and the broader global market spillover effects underway...2024-09-221h 04
Across The SpreadYen Driven Global Markets Are Misreading Bank Of JapanOriginally aired August 8, 2024 on YouTube: Watch the episode with charts and full context at Across The Spread Official Youtube here.Weston Nakamura once again calls for "top-tick" on NKY and NDX futures, using his newly identified trading range on USDJPY, and explains how markets are severely misreading the latest out of Bank of Japan policy intent, dispelling Bank of Japan Deputy Governor Uchida's "dovish remarks" as the explanation for the global equity rally and yen sell-off during the Japan trading day, and suggests a unique angle on accelerated expectations for Fed rate cuts due to the Japan...2024-09-2243 min
Across The SpreadThe Most Important Price Level In Global Markets Right NowOriginally 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 MarketsAs 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 ma...2024-09-2220 minLead-Lag LiveWeston Nakamura on Yen Carry Trade Risks, Japan's Currency Interventions, and Global Market ImplicationsUnlock the secrets of the global margin call and understand why the yen's strength could be a critical point of failure in finance with macro researcher Weston Nakamura. In this fascinating episode, we uncover the latest developments in the yen carry trade and its ripple effects on markets like the NASDAQ and Russell 2000. Nakamura provides a deep dive into the Japan Ministry of Finance's interventions and their knock-on effects, drawing intriguing parallels with the post-1990s bubble burst era in Japan.We also revisit the infamous 2008 financial crisis through the lens of the carry trade, particularly focusing...2024-08-0955 min
Across The SpreadThe Return of YenterventionWeston 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 Failed19:30 Limitations To Further JGB Buying, And Unwinding22:57 The Carry Trade27:52 🇯🇵BOJ + 🇦🇺RBA’s Dual YCC, AUD/JPY Carry Trade, and Risk Assets in 202032:10 Current State of JPY Carry Trade2024-05-161h 11
Across The SpreadFrom D-Student with Zero Experience To Trading At Goldman Sachs: Weston Nakamura’s StoryFrom 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 salesTrading 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 + LuckCareer Commentary: Preparing for the Coming Crisis of Major Widespread & Permanent Job Destruction from Disruption - the risk of...2024-04-1854 minAcross The Spread"A World Where There Is An Interest Rate" | Grant Williams (Part 3)In the last of this three-part series from Across The Spread on Japan's impact on global markets with Grant Williams and Weston Nakamura, we dive into the front-and-center matter of exiting the world's last negative policy rate yield-anchor and what Bank of Japan “normalization” really means. Read on Across The Spread Substack:➣"Dark Skies at Aozora Bank" (Feb 1, 2024)bit.ly/ats_Aozora_Bank➣"What BOJ Thinks of Japan Wages and Negative Rates" (Mar 7, 2024)bit.ly/ats_BOJ_Wages_Prices➣"Quick Note on Market-Moving BOJ Negati...2024-03-1826 min
Across The SpreadJapan's Stock Market Crash That Never Happened | Grant Williams (Part 1)Watch the full 3-part interview with Grant Williams available now on Substack:https://westonnakamura.substack.comPart 1: Bull market - 1989 vs nowPart 2: Reflections on being financial “content creators”Part 3: Bank of Japan and policy normalizationhttps://substack.com/@acrossthespreadGrant Williams is the author of THINGS THAT MAKE YOU GO HMMM..., host of the Grant Williams Podcast Series, and co-founder of Real Vision. Grant’s career in institutional finance spanned various roles around the world - but started out in a wild-west corner of tradin...2024-02-1129 min
Beyond The PriceBitcoin, Bank of Japan, and Why Macro Matters (Weston Nakamura, Across The Spread)Super excited to bring you this one. Been trying to get Weston on for a while. Weston Nakamura covers Japan/Asia macro, BOJ, USD/JPY, and much more, so I asked him about the Bank of Japan's outsized role on the global stage, what's the deal with the Japanese yen, and how traditional investors see Bitcoin vs. how he sees it, as well as why everyone should pay at least some attention to markets and how it's not as intimidating as you might think.Let me know if you'd like to hear more about these topics...2023-12-131h 37
WTFinanceThe FED has Lost Control of Global Bond Markets to BOJ with Weston NakamuraInterview recorded - 10th of November, 2023On this episode of the WTFinance podcast I have the pleasure of welcoming back Weston Nakamura - Founder & Host of @acrossthespreadYT .During our conversation we spoke about 0:00 - Introduction2:21 - What is Weston currently seeing in global bond markets?12:46 - Are the BoJ unwinding yield control?21:31 - Will Japanese bonds follow a similar trend to the US?25:36 - Why is there a correlation between BoJ & other bonds?29:56 - Why is the Yen remaining weak with increasing yields?38:21 - Wil global yields/J...2023-11-1552 min
Across The SpreadBank of Japan Fires Back At Markets By Killing It's Own Yield Curve Control Policy (BOJ Series Pt.1)Bank of Japan's October 2023 policy change was a historic moment for global markets, as it marked the official end of providing markets with an explicit central bank "put."Produced by Weston NakamuraMusic by Weston NakamuraAcross The Spread Links:*Official Websitehttps://acrossthespread.com*Substackhttps://westonnakamura.substack.com/about*YouTubehttps://www.youtube.com/@acrossthespreadYT*X (Twitter)https://twitter.com/acrossthespreadSupport Across...2023-11-1232 min
Macro Mondays#22 - Either you do Japan, or Japan will do you! - Guest: Weston NakamuraThe Bank of Japan is the only major currency authority in the post-COVID era to fight back against USD strength via intervention - and win. Can they pull it off again? We host the great Weston Nakamura for a deep-dive into the Japanese monetary and fiscal policy.Towards the end, we give an update on our current positioning and the portfolio outlook for the remainder of 2023.Use "macro30" to get 30% off your first purchase at www.stenoresearch.comCheck out Weston's analysis on his substack right here:https://westonnakamura.substack.c...2023-11-0559 min
The MacroVisor PodcastA Discussion about Rates, Japan and China with Weston NakamuraWe have an in-depth discussion with special guest Weston Nakamura of Across the Spread about interest rates, Japan and China’s respective economies and markets, as well as the impact of policy decisions and market forces in Asia on the global picture To learn more about Weston’s work and to follow him, please see the links […]2023-10-201h 29The MacroVisor PodcastA Discussion about Rates, Japan and China with Weston NakamuraWe have an in-depth discussion with special guest Weston Nakamura of Across the Spread about interest rates, Japan and China’s respective economies and markets, as well as the impact of policy decisions and market forces in Asia on the global picture To learn more about Weston’s work and to follow him, please see the links […]2023-10-201h 29
Trader ChatsCorrelation vs Causation with Weston NakamuraCorrelation vs Causation with Weston Nakamura
Trader Chats | October 13th, 2023
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Across The SpreadIntroducing Across The SpreadIntroducing the launch of the Across The Spread podcast by Weston Nakamura.Across The Spread is the next chapter of the Market Depth podcast on Blockworks Macro - covering global, cross-asset markets from the lens of the Asia Pacific trading session, and how major markets are impacted by developments out of Asia.New episodes every week.Across The Spread Links:*Official Websitehttps://acrossthespread.com*Substackhttps://westonnakamura.substack.com/about*YouTubehttps://www.youtube.com...2023-10-1201 min
Market DepthHow Asia Markets Are Reacting To Nvidia’s Blowout EarningsNvidia surprised the street with another major beat to guidance estimates for its Q2 earnings release - arguably the most widely watched corporate earnings report globally in 2023, with the stock +9% higher in after-hours trading.However, in the following Asia trading session - which is the world's first region to start the full trading day, and thereby the first to react to the A.I. giant's strong quarter and optimistic guidance - the various market reactions were surprisingly tepid. Shares of TSMC, SK Hynix, Advantest and other "A.I. plays" were consistent in being fairly muted. The broader...2023-08-2540 minLead-Lag LiveExploring Asian Markets and Central Bank Policies with Weston NakamuraGet ready for an electrifying voyage into the world of finance with Weston Nakamura. Weston is a seasoned finance professional who relocated to Tokyo at the start of Abinomics and has since navigated his career from derivatives futures options trading to a pivotal role at Blockworks Macro. He brings a unique perspective on the dynamics of central bank policies, Japan's yield curve control, and the influence of Asian markets on the global financial framework. If you've ever been curious about the blind spots in the US coverage of Asian markets, this is the episode for you. We d...2023-08-201h 07Market DepthAsia Pulls Down Global Equities, As The Dollar Weighs On AsiaAs followers of Market Depth Podcast know- this year's NASDAQ upside rally was largely driven by Japan and the Nikkei225. Now, Weston Nakamura explains how the current market sell-off is being driven by China, and the plunging yuan.Weston also discusses his views on the Japanese yen, and how he is approaching the FX market intervention risk, as the yen weakens to previous unilateral intervention levels - as well as his views on the Chinese yuan, also reaching critical levels despite heavy-handed state intervention underway.This is the episode that will make equity investors, particularly...2023-08-1551 minMarket DepthJapanese Investors Rush Back Into Global Bond MarketsAhead of the US July CPI data and the 30-year Treasury auction, Weston Nakamura follows up from the previous episode of Market Depth with an update on bond market activity from Japanese investors, who have been driving the week's drop in global sovereign bond yields via the JGB and US Treasury markets.Using futures markets, Weston shows the renewed bullish sentiment as exhibited by a surprisingly strong 30-year JGB auction, and a smooth scheduled Bank of Japan bond buying operation. Japan is once again back to anchoring global bond yields - for now....2023-08-1015 minMarket DepthWhat Triggered Fitch's Downgrade Of U.S Debt?With still no further clarity on Bank of Japan’s new policy framework of Yield Curve Control, and currency and cash bond markets out of sync, Weston Nakamura examines market price action and activity on US and Japan rates through the lens of futures markets, in order to determine if cross asset market behavior is normalizing.Weston also notes the schedule for this week, in which there will be 30-year auctions held in both the Japanese Government Bond market, as well as the US Treasury market, within 2 days of one another. Given the respective policy setups for US...2023-08-0849 minMarket DepthBank Of Japan's Week Of Bond Market Meddling Spikes Global YieldsDeveloped markets globally saw a dramatic rise in sovereign bond yields that spanned this whole week - notably at the long end of US Treasuries. Some attribute the move to Fitch Ratings downgrade of US debt, while others point to the government's announcement to boost its bond issuance in the coming months.Following up from the previous episode of Market Depth, Weston Nakamura shows how this week's global bond rout not only stems directly from the Japanese Government Bond market and the Bank of Japan's recent surprise policy change to the way in which it conducts Yield...2023-08-051h 06Market DepthBank Of Japan Takes A Major Gamble With Yield Curve ControlAt the July 2023 Monetary Policy Meeting, the Bank of Japan took markets by surprise (after "pre-announcing" its policy 10 hours prior during US trading hours and moving global currency, equity and bond markets) by making a significant change to its Yield Curve Control policy framework, in which it lifts the upper trading band on 10-year JGB yields from 0.50% to 1%. The central bank also made a major revision upwards on its inflation forecasts for fiscal year 2023 to 2.5%, well above its 2% target. This is the first policy change implemented under newly appointed Governor Ueda.While the consensus debate revolves around...2023-07-311h 20Market DepthA Potentially Defining Week For Major Central Banks and Global MarketsThe final week of July ends with the three major central banks’ policy decisions - the Fed, the ECB, and the Bank of Japan - each with their own set of issues and tools respectively, and all of which are highly interconnected with one another. However, the economic backdrop is completely unique this time - as Japan now has a higher inflation rate than the US, while still in easing mode.Would the Bank of Japan really begin tightening monetary policy, just as the Federal Reserve, the European Central Bank and others are finished? Just a hint of...2023-07-2646 minMarket DepthWall Street Keeps Overestimating China's Macro DataWith China's Q2 GDP and retail sales figures missing consensus estimates for yet another round of data disappointment out of China, and the PBOC injecting a mere 3 billion yuan of liquidity to their 1-year MLF operation. Weston Nakamura looks at currency and commodity markets as weakness across China's economic landscape continues to be left unattended by policymakers' lack of stimulus measures.Weston also discusses why Wall Street economists seem to be caught off-guard by China's economic data deterioration time and again, particularly in the first half of 2023.--Follow Market Depth On Spotify...2023-07-1845 minMarket DepthAsia Currencies Fight Back Against The Dollar As US Inflation CoolsUS inflation figures came in considerably softer than expectations, and global currencies, bonds, equities and commodities rose at the expense of the U.S. dollar.But what happens when US CPI is now below Japan CPI? What does that mean for markets (namely the yen), and the Bank of Japan’s upcoming policy meeting (with direct implications on global bond markets)?Weston Nakamura discusses the US vs Japan inflation differential as it relates to the Bank of Japan policy, pointing to recent history as precedence. Weston also gives an overview of Asia currencies for...2023-07-1428 minMarket DepthPeople's Bank Of China Is Running Without A GovernorIn today's episode, Weston Nakamura explains the recent price action of the world's worst performing currencies in 2023: the Japanese yen's sudden surge as options on futures expire and crowded positions close, and the Chinese yuan in crisis mode as the authorities continue to urgently exercise multiple yuan-supportive measures. Weston suggests that should the yen short covering gain momentum, global yields may fall in tandem.Lastly, Weston follows up on his recent and ongoing thesis of the leadership shakeup currently underway at the People's Bank of China with additional thoughts - namely, why the central bank is currently...2023-07-1138 minMarket DepthChina’s Stimulus Takes A Backseat To Save The Yuan | Michael HowellIn order to get a truly expert assessment on the liquidity picture out of China, Michael Howell from Crossborder Capital joins Weston Nakamura, as they explore Weston’s thesis from the previous episode of Market Depth - China’s immediate term priority is to stop the yuan’s precipitous fall. This has been made evident by the PBOC’s daily yuan fixings stronger, as well as their net liquidity draining that had been occurring over the last several trading days.In addition, Michael incorporates his view on how the Japanese yen is being weaponized to attack the Chinese...2023-07-0736 minMarket DepthWhat The Sudden Leadership Shakeup At The People's Bank Of China Is Really AboutOver the weekend, the top brass at China’s central bank Yi Gang (PBOC Governor) and Guo Shuqing (PBOC Communist Party Chief) were suddenly removed from their posts after having been reappointed by President Xi Jinping less than four months ago. Meanwhile, PBOC Deputy Governor Pan Gongsheng has been elevated to the role of Party Secretary at PBOC, and is also expected to be named Governor of the PBOC shortly. Pan is also currently the Director of SAFE (State Administration of Foreign Exchange) - the foremost currency management body which oversees China’s massive $3 trillion in foreign exchange reserves. ...2023-07-0549 minMarket DepthGovernor Ueda’s First International Appearance Reveals The Bank Of Japan’s InfluenceBank of Japan Governor Ueda surprisingly stole the show when making his first international English appearance since taking office at the ECB’s annual gathering of central bankers in Sintra, Portugal this week, during a live panel with fellow peer central bankers including Fed Chair Powell, ECB President Lagarde and Bank of England Governor Bailey.Clips from the event of the new face of the Bank of Japan have been going viral, as the soft-spoken academic made light-hearted jokes onstage in an otherwise tense moment in macro policy. Yet, there is far more to take away from th...2023-07-0244 minMarket DepthAll Eyes On The Yen Getting Crushed As Bank Of Japan’s Ueda Makes His First International AppearanceAfter being sidelined by coronavirus, Weston Nakamura returns to Market Depth with charts and graphics to discuss the Japanese yen edging ever closer to the critical 145 level against USD - currently the single most important market and price level anywhere, as markets are on Japan officials’ intervention alert.Weston shows how Japan’s October 2022 unilateral foreign exchange direct market intervention was the most pivotal moment of the year in global markets - as that had forced a record-sized short covering of JPY futures, and simultaneously setting the top tick in the risk free rate of 10-year US Trea...2023-06-2740 minMarket DepthAre Equity Markets Starting To Price In China Risk?Following last week's series of rate cuts that were met with tepid market response, China delivers another -10 basis point rate cut to its 1-year and 5-year Loan Prime Rates before market open today in-line with its recent measures - only this time, markets pulled sharply back. Is this the start of a new market paradigm? Weston Nakamura scrutinizes market price action out of China today in search of the answer. Weston also observes what broader major equity indices' recent price behavior looks like absent U.S. market participants upon a U.S. market holiday, and tests...2023-06-2021 minMarket DepthThe European Central Bank Takes Shots At The Bank Of JapanOff the heels of the June 2023 FOMC's "hawkish pause," PBOC's "catch-up cuts," ECB's "hawkish hike," and BOJ's "dovish autopilot unchanged" policies, Weston Nakamura takes a look back at a historic week of globally synchronized fragmentation among major central banks. In particular, Weston looks into the peculiar relationship forming between the European Central Bank, and the Bank of Japan, in which the ECB calls the BOJ policy normalization a major risk to global bond markets in its official financial stability report - a rare commentary made against a fellow major central bank peer. Weston discusses how...2023-06-1924 minMarket DepthHow Are Markets Responding To China's Sudden Rate Cuts?After months of wide-scale economic deterioration in China, the People's Bank of China and the central government are finally taking action with three waves of stimulus measures today. The PBOC first makes a surprise cut to the 7-day reverse repo rate before market open on Tuesday, followed by a Bloomberg report of a broad based stimulus package at the end of the trading day, and finally a late-evening announcement of cuts to three standing lending facility rates.Yet, the overall market response was that of deafening silence. Weston Nakamura walks through each of the stimulus measures, as...2023-06-1417 minMarket DepthWhy Is The Nasdaq Rallying?The US equity market's performance, particularly in outperforming tech stocks, is not what it seems. Weston Nakamura lays out his analysis and observations on how the Nasdaq 100 Index is being driven by Japan's Nikkei 225 index. Additionally, Weston explains how the ongoing issue of weak market breadth and narrow participation is also a byproduct of the immense foreign equity inflows into Japanese stocks.This is a differentiated explanation from an angle of global flows into and out of US, Japan and European equity markets - and what to expect next.--Follow Market Depth...2023-06-1249 minMarket DepthJapan's Market Crash Flashes Warnings For Global MarketsThe sustained and incredibly resilient Japan equity rally crashed today - despite broader indices left relatively unscathed (although S&P E-Mini futures also followed Japan indices sharply downward during Asia hours). Why did this occur, and what does it mean for the world's favorite and best performing market, as well as broader markets globally?Weston Nakamura breaks down the three sell-catalysts from the day: Chinese exports data that came in weaker than expectations, the -7% plunge in the Turkish lira, and officials in parliament discussing the unwinding of Bank of Japan's 37 trillion yen worth of...2023-06-0730 minMarket DepthWhy The Aussie Yen Carry Trade Matters To Risk AssetsThe Reserve Bank of Australia shocks markets again, hiking rates for a second consecutive time after having paused once before, and thereby setting precedence for the June FOMC next week, when the Fed is expected to “skip” a rate hike. Weston Nakamura explains the significance of the RBA’s policy behavior to other major central banks.Weston also shows how and why AUD matters to risk assets, such as the S&P500 index, and explains how the (in)famous AUDJPY carry trade works - noting that AUDJPY is currently re-correlating with the S&P500 price action.Fina...2023-06-0630 minMarket DepthHow Global Markets Are Responding To China's StimulusFollowing up from Friday's episode of Market Depth, Weston Nakamura reviews the global equity markets' initial reactions to China's after-hours headline for new stimulus targeted at the Chinese real estate, property and development sectors on Friday evening in Asia. The market impact was significant across the world, with stocks like Caterpillar pushing the Dow Jones Industrial Average higher by 2% at US close to outperform the S&P500 and Nasdaq indices in immediate reaction, as well as it's Japanese peer Komatsu and other machinery stocks driving the Nikkei 225 index by over 2% to another 33-year high at Asia market open on...2023-06-0628 minMarket DepthIs It Too Late For China's New Stimulus Measures?Chinese shares in the Hang Seng Index staged a massive recovery rally to end the week in which it temporarily fell into official bear market territory, and uplifted the entire region for a broad based equity market surge during the Asia trading session.Then, after Asia markets close, Bloomberg reports that China will unveil a new stimulus package to support the systematically critical and increasingly dangerous, debt-ridden property and development sector - which subsequently ignited a strong, risk-on rally across global indices. Weston Nakamura takes a deep look into the peculiar chronology of the price...2023-06-0335 minMarket DepthWhen Markets De-Risk, But Not Decouple (from China)A lousy Manufacturing PMI reading out of China pulled the Hang Seng index officially into bear market territory, sent the yuan crashing through 7.10, and seemed to have set off a broader, risk-off market move that reverberated across asset classes globally. But, did yet another piece of weak economic data from China really spook global markets - particularly the previously China-resilient DM equity indices such as Japan? After all, Asia equities ex-China have been leading the world higher for several weeks, ignoring one disappointing data release out of China after another. What (else) actually happened to stop the m...2023-05-3133 minMarket DepthCan Industry Conferences Be Used As Market Indicators?We are in the midst of key conferences for markets - from the CLSA Japan Summit in Tokyo, to A.I. focused Computex in Taiwan, to China-themed conferences by Morgan Stanley in Hong Kong and JP Morgan in Shanghai.Weston Nakamura takes a look into using these conferences as potential near term, directional turning points for markets - and presents the case for a potential larger trend reversal for a pause in upside for Japan equities, and a rebound upward in Chinese and Hong Kong equities, based on these conference events.--Follow...2023-05-3015 minMarket DepthHow Did Asia Markets Respond To The US Debt Ceiling Deal?Prior to Asia markets open, major headlines came out of Washington that a debt ceiling deal had been made - and Asia equity indices, particularly in Japan, had traded positively on the day. With the US and parts of European markets closed for holiday, Asia was the only barometer of market reaction. But, just how much of the upside was due to the debt ceiling, if any? After all, China and Hong Kong had yet another down day, and the Nikkei 225 Index has been clocking in new three-decade-high levels throughout the month. Weston Nakamura points...2023-05-2916 minMarket DepthThe Worst Week In Markets For The China Reopen TradeMay was the worst month for markets that have bet on the China reopen theme - and this final week was particularly bad. Weston Nakamura walks through various markets - from equities, to commodities, to fixed income, and of course, the yuan, and shows how each asset class is in agreement - the China reopen theme is dead. What's more, there is still room to the downside in many of these markets.Weston also discusses how he is framing up trading a widely expected rate cut from the PBOC.--Follow...2023-05-2619 minMarket DepthNvidia Reignites A Global Rally In A.I. StocksDespite Fitch putting the US's credit rating on negative watch, global markets are largely brushing off debt-ceiling risk. Weston Nakamura comments on the knee-jerk market reaction to the Fitch headline of strength in the yen and in gold, and also provides color on how the largest foreign creditors to the United States, the Japanese institutional investors, are viewing a potential US default, and what they are doing in the US Treasury markets. Weston also provides a potential trade set up in the event of a US technical default outcome.Weston then discusses the massive market impact on...2023-05-2516 minMarket DepthJapan Finally Breaks And Takes Global Equity Markets DownAfter hitting new three-decade-highs day after day, Japan's incredible equity market rally finally comes to an end. Notably, Japan's market direction, both to the upside as well as down, has been driving the broader global equity markets directionally in tandem - putting in the top tick on index futures down to the minute.Weston Nakamura dives into futures markets daily trading data from Japan Exchange and analyzes exactly who was buying, and who was selling, by participant - and finds that despite the downturn in the Nikkei 225 and TOPIX indices, foreigners remain net buyers of Japan equities...2023-05-2418 minMarket DepthIs Japan About To Crash, Or Explode Higher?While China’s PBOC leaves their Loan Prime Rates unchanged as expected, the central bank issues an official statement on Friday warning of FX market intervention, should the yuan’s precipitous decline continue. Nonetheless, the yuan continued its downside move during Monday’s Asia trading session, as Wall Street estimates further price out the once-expected recovery. Weston Nakamura discusses the yuan’s weakness in context of “USD strength.”Then onto Japan, where the Nikkei225 and TOPIX indices continue their relentless marches higher for an 8th consecutive day, to new 3-decade levels. Weston Nakamura discusses how this current market setup...2023-05-2227 minMarket DepthChinese Yuan Plummets, What Next?The Chinese yuan, which had been in recent accelerated decline, hitting new year-to-date lows, has now crossed through a very key level into the 7-handle for onshore USDCNY. Furthermore, the currency's sharp move lower seems to confirm the weak macro data releases of late.Weston Nakamura discusses the Chinese yuan's price action, and explains its correlation across asset classes and markets - including the S&P500, copper prices, the Hang Seng Property Index, and more. Weston also provides implications of what the falling currency could mean for markets going forward.--Follow Market...2023-05-1823 minMarket DepthHopes For Global Growth Fade As China Data Disappoints AgainChina once again misses consensus estimates on three of their latest data releases today, showing weakness in retail sales, industrial production, fixed asset investment, as well as a record high 20% youth unemployment rate.Given the deluge of macro data out of China so far this month, Weston Nakamura organizes and presents a clear, full picture of where China currently stands regarding the state of the domestic consumer, industrial manufacturing, and loans, credit and investments - the results of which point to an economy unable to regain traction following the sudden lifting of their strict COVID policies.2023-05-1625 minMarket DepthWhy Turkish Elections And The Lira Matter To Global Macro MarketsAs the first round of Turkish general elections result in a runoff round, with President Erdogan facing his toughest political challenge yet, Turkish assets have been exhibiting volatility - as one would expect given the uncertainty. However, the one asset class that remains strangely stable (thus far) is the Turkish Lira, as continued state interventions dampen any sharp selling pressure from plunging deep into new record lows (for now). Weston Nakamura does a deep dive into the Turkish lira, and the often overlooked significance that the lira has had on global markets, citing two instances in particular...2023-05-1659 minMarket DepthNavigating A Wild Week Of Market DriversIn this week-in-review, Weston Nakamura follows up with market themes from earlier in the week. Starting with the frenzy and crash in Chinese bank stocks against a resilient Japanese equity market, Weston revisits the Japan - China market divergence call. Then, its over to Niigata Japan, where G7 Finance Ministers and Central Bankers have convened to discuss inflation, Russian sanctions, banking crises, and a host of other measures - but instead, find themselves with only one issue in mind: the looming US debt ceiling debate.Finally, Weston follows up with market reactions to earnings out o...2023-05-1236 minMarket DepthChinese Equities About To Break, As Japan Is About To Break OutIn today’s episode, Weston Nakamura breaks down China’s latest trade data for April, which saw strong but declining export growth, and a surprise contraction in imports - and what this says about the state of the China “re-open” theme, and the broader global demand picture.Weston also goes through the chronology of another day of speculative frenzy in Chinese financial stocks, which may have hit an intraday reversal today for downside momentum in the immediate.Weston then discusses the Japanese equity market - which is the one major market that remains resilient against the Chin...2023-05-0924 minMarket DepthDoes The Surge In Chinese Banks Signal Trouble Ahead?Upon returning from Golden Week holidays in Japan and China, Chinese bank shares went on an absolute tear higher, with some of the biggest lenders' stocks hitting their +10% intraday limit up on the heels of positive headlines on net interest margins. However, the bigger macro picture in China does not warrant such a historic surge in Chinese banks. Furthermore, the last time that Chinese banks hit limit up was in July 2015, followed by the historic PBOC yuan devaluation, and the subsequent cross-asset, global volatility that had ensued thereafter.Weston Nakamura discusses today's price action in China (and i...2023-05-0815 minMarket DepthJapan: The Great Global Macro Driver with Taka KatoWeston Nakamura sits down with a special guest on Market Depth: Taka Kato, former head of trading at Bitflyer, Japan's largest crypto exchange, and trader at Goldman Sachs Japan, in a wide ranging discussion of Japan markets, policy, and global impact.Taka first gives his take on the year to date rally in Bitcoin from his vantage point at a major crypto exchange.Weston and Taka then talk Bank of Japan policy and Governor Ueda's course of action in the near and Long term - giving Weston a revelation as to why foreign macro hedge...2023-05-051h 04Market DepthWhat Does the Reserve Bank of Australia Restarting Rate Hikes Mean For Other Central Banks?The RBA shocked global markets when they hiked policy rates by 25 basis points for their May policy meeting, after having just paused their aggressive rate hiking cycle in the prior meeting, in order to examine the effects of their year-long measures in tightening policy. Some will interpret the RBA's decision as a forward indicator for other major central banks' respective hiking and pausing cycles. However, Weston Nakamura discusses broader takeaways from the RBA with applications to the Fed, ECB, Bank of England, Bank of Japan, and other central bank policies.Weston also discusses the currency markets in...2023-05-0219 minMarket DepthForeign Investors Are Buying Japan Stocks at Record PaceEver since Warren Buffett's endorsement of Japan equities during his recent visit to Tokyo, weekly data from Japan Ministry of Finance shows foreign investors have been buying the most Japan equities on record. This coincides with Japan equity indices' recent outperformance relative to its developed market majors. However, Weston Nakamura warns of a key resistance level on the horizon for the Nikkei 225 index.Weston also discusses the surprise miss in China Manufacturing PMI, and its impact on commodities. Finally, Weston talks about the upcoming major central bank decisions for the week, and to look to the currency...2023-05-0108 minMarket DepthA Chaotic First Meeting For Bank of Japan Governor UedaFor a "policy unchanged" outcome in-line with consensus, Bank of Japan Governor Ueda's first monetary policy meeting was a wild day for markets. Weston Nakamura walks through the chronology of the day, starting with a major pre-announcement press leak, a delayed policy release time, and an ambiguous press conference that sent the yen tumbling sharply.Weston analyzes the methods and practices of policy communication, media, and markets, which this new leadership has seemed to embrace in a departure from his predecessor Governor Kuroda. Ultimately, Governor Ueda's first policy meeting has left far more questions unanswered than before.2023-04-2823 minMarket DepthWill the Bank of Japan Shock Global Markets Tomorrow?As we head into the first Bank of Japan policy meeting under a brand new Governor Ueda tomorrow, Tokyo-based Weston Nakamura discusses the broad consensus view of a "no policy change" outcome, as Japan CPI has moderated, and market pressures have alleviated since the March meeting.However, Weston also makes the case for why there may very well be a surprise decision to come from the Bank of Japan's new and unknown leadership- with major consequences to global markets.Here is everything you need to know ahead of the April Bank of Japan policy meeting...2023-04-2739 minMarket DepthThe End Game Scenario for the Bank of JapanFor Day 2 of Bank of Japan Week, Weston Nakamura explains how the Bank of Japan, through years of radical and experimental easing policy, has cornered itself against markets - both in the near term with Yield Curve Control, as well as the longer term by being forced to support the world’s most indebted nation’s fiscal sustainability. Weston discusses the background history of how Yield Curve Control’s trading bands were crafted, and why they are a double edged sword. Finally, Weston makes the case that aside from near-term attempts at “normalization,” ultimately, the Bank of Japan will...2023-04-2531 minMarket DepthCan China Offset A Global Growth Slowdown?To round up a week of key global macro data out of Asia, Weston Nakamura provides his big picture take on the surprise upside beat in China GDP and retail sales, as well as an overview on the latest Japan inflation figures.Heading into Bank of Japan next week, Weston also provides additional context from the corporate angle, as credit issuers, asset managers and others prepare for the end of an era of easy money. --Follow Market Depth On Spotify: https://spoti.fi/3mVTs9UFollow Market Depth On Apple P...2023-04-2124 minMarket DepthWhat Goldman's Earnings Miss is Warning Markets AboutGoldman Sachs reveals an unusually weak result from their powerhouse fixed income trading division - the only one of its peers to report year-on-year declines. This is particularly strange, given the highly volatile quarter in rates markets, which typically bodes well for Goldman's trading profits.Weston Nakamura explains how Goldman's fixed income trading miss signals a broader and far more troubling market picture - one that is being completely overlooked by market participants and media.--Follow Market Depth On Spotify: https://spoti.fi/3mVTs9UFollow Market Depth On Apple...2023-04-1926 min
Deep Sunset House and Progressive Podcast - The Melodic Sessions by Prototype 202Emergence Mix - Tracks and remixes from Leaving Laurel, Shingo Nakamura, Estiva, Thaylo and moreWelcome back to the Melodic Sessions. As spring arrives the melodic sessions brings an emerging journey of tracks and remixes from Leaving Laurel, Shingo Nakamura, Estiva, Thaylo and more
Leaving Laurel - better days will come
Alberto Hernandez - Skywriting
Wassu - Dusk
Thysma - Feel
hexale - Too Late
Shingo Nakamura - Foggy Morning
Peter Makto - Balearic Flute
Dohko - Samaria
Thaylo- Deep Heart
Estiva - Via Infinita
RIKO and GUGGA - Healing Process
Alex H - Amino
Rodrigo Lapena - Asir (Blood Groove and Kikis Mix)
Steven Weston - You
Awka - When All Becomes Dust2023-04-1900 minMarket DepthA Critical Week of Data out of Asia this WeekWeston Nakamura outlines the key macro data with global macro market implications for this week - as they all stem from the Asia region. Namely - retail sales, industrial production and GDP figures from China (and why China's "fake GDP" figures are nonetheless usefully informative), and Japan CPI at the end of the week, as the country's final inflation reading before the consequential April Bank of Japan meeting.Weston also dives into the recent surge in gold prices, as spot gold nears its all time record high of $2,080 - and how he approaches gold price action as...2023-04-1720 minMarket DepthWho Wins When Markets Fight Policymakers?In this week's roundup of global macro and market developments, Weston Nakamura flags key points from the World Bank & IMF Spring Meetings held in Washington D.C. this week, as IMF projects Asia to contribute to 70% of global growth for this year, Bank of Japan's brand new Governor Ueda and his first comments on policy to his global peers, and a surprising one-on-one meeting between China's central bank head and Fed Chair Powell.Weston also discusses Softbank divesting the last of its Alibaba holdings, and finally, comments on his explosive tweet regarding Warren Buffett's trip to Tokyo...2023-04-1415 minMarket DepthHow I'm Trading The Inflation Data DropAs global markets await the US CPI release for March 2023, Weston Nakamura shares a trade that he has opened this week: Long USDJPY, with the data drop as a potential market moving catalyst. Weston discusses his framework for the trade- including the unique market stance of having last Friday's US Nonfarm Payrolls data mixed into the CPI reaction, the rate markets' setup which parallels that of the 2022 Yield Curve Control environment, and broader market positioning.This is an opportunity to follow along with a live trade, as Weston will update in coming episodes accordingly.--2023-04-1212 minMarket DepthWarren Buffet Doubles Down on JapanIn today's Market Depth, Weston Nakamura discusses the Bank of Korea holding rates unchanged (again), a surprise decline in China CPI, as well as falling CPI - and what it may mean for PBOC policy going forward, and the Bank of Japan's first press conference under new leadership with Governor Ueda, and Deputy Governors Uchida and Himino.Weston also discusses Warren Buffet's comments from an interview with Nikkei that Berkshire Hathaway intends to add to their holdings in Japan trading houses. --Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U2023-04-1118 minMarket DepthA Week of Central Bankers Hiking, Pausing, and LeavingTo wrap up the first week of a new quarter following a tumultuous month of March, Weston Nakamura reviews policy decisions from Reserve Bank of Australia’s pause-and-assess, and the Reserve Bank of New Zealand’s unexpected hawkish 50 basis point hike.Weston also discusses a big development out of Samsung’s preliminary earnings, in which they had announced production cuts in memory chips, and the wide scale implications to the industry worldwide.Finally, Weston gives his initial takeaways right off the heels of retiring Bank of Japan Governor Kuroda’s farewell press conference - in which th...2023-04-0718 minMarket DepthHow Will the Bank of Japan Move Markets?Following up from the last episode of Market Depth “The Most Critical Month for the Bank of Japan is Here” - Weston Nakamura provides a deep dive on currencies, namely the yen. Weston gives a background on what drives the yen directionally and explains why the currency strengthens despite the Bank of Japan’s endless, record-sized bond buying.In addition, Weston reveals his own non-consensus take on the outcome of the upcoming April Bank of Japan policy meeting under a brand new and unknown Governor Ueda (a viewpoint which may surprise many). Lastly, Weston discusses some un...2023-04-0634 minMarket DepthThe Most Critical Month for Bank of Japan and Market Impact Is HereIn this special edition episode of Market Depth, Weston Nakamura presents what lies ahead for a historic and critical month of April 2023 in global financial markets, as leadership change at the Bank of Japan will see the end of Governor Kuroda, the last major central banker of the QE era, and the start of little known incoming Governor Ueda. Weston does a deep dive into the state of Japan investors - the world's largest foreign capital allocators, and their behavioral traits. As uncertainty, volatility and risk builds up by the day as time closes in on Ueda's first meeting...2023-04-0451 minMarket DepthWhat This Wild Month In Markets Has ExposedTo wrap up what was arguably one of the most critical and history shaping months in global markets, Weston Nakamura takes a cross-asset dive into the month of March 2023.What was really behind the collapse in global bank shares? Why are rates behaving with such extreme levels of record volatility? What does the Bank of Japan have to do with all of this?Weston provides a different angle and explanation apart from narratives of US and European bank failures for what really happened in markets this month, and what lies ahead.--2023-03-3135 minMarket DepthBreaking Down The Alibaba Break-UpAlibaba Holdings announces their restructuring into six entities, triggering a surge in Chinese tech shares, and global indices. Weston Nakamura gives his initial takeaways of this monumental surprise development, and the potential implications reaching far beyond China.In addition, Weston discusses the upcoming China PMI release on Friday as a potential market moving catalyst, citing the prior month's reading and subsequent cross-asset market reaction that followed. He also shows why the yuan's price action matters to global markets.Finally, Weston touches on the yen and its price action heading into Japan fiscal year-end later this...2023-03-2912 minMarket DepthDon’t Misread The Bank of JapanFollowing the initial launch of the Market Depth podcast and a few episodes in, Weston Nakamura unveils his new “trading jacket,” and explains the concept of how the making of each episode of Market Depth is approached. Weston then discusses Japan’s February CPI reading, which came down sharply for the first decline in 5 months - and the impact of the governments energy subsidies on inflation.Finally, Weston examines bond flow data to follow up on his previous episodes explaining the record volatility in rates, as well as price action drivers of the yen.--Fo...2023-03-2416 minMarket DepthHedge Funds Blow Up From Rate Volatility Ahead of The FedHeading into a very consequential March FOMC meeting later today, Weston Nakamura examines market positioning - particularly focusing on what the real-world market implications from extreme and unprecedented levels of rate volatility are. Macro hedge funds such as Jupiter are seeing their worst performances ever, while Graticule Asia has shut down as a result of the erratic markets of late.Weston also flags Hong Kong’s HIBOR rate spike, and the Turkish Lira breaking into new lows. Finally, Weston discusses FOMC market expectations, and his views on the post-Fed meeting trading environment....2023-03-2216 minMarket DepthAsia’s Market Reaction To Credit Suisse & UBSMarket Depth: Monday March 20, 2023After a historic and last-minute deal of UBS to take over Credit Suisse, Weston Nakamura examines the first market reaction out of Asia. With rates continuing to fall alongside Credit Suisse AT1 bondholders getting wiped out, it is difficult to discern if macro or bottom up forces may be influencing global bank shares' directional movements. Weston therefore takes a look at specifically HSBC and Standard Chartered stocks listed in Hong Kong for a market read on the weekend's developments.Weston also points to JPY futures as a contributing factor for gold t...2023-03-2012 minMarket DepthA Week of Wild Swings In Bank Stocks & RatesMarket Depth: Friday March 17, 2023--Amidst turmoil in the US regional bank sector, Weston Nakamura takes a look back at a week of highly unusual (if not record setting) price swings across asset classes, including non-US megacap banks indices in Europe and Japan, Credit Suisse shares, bonds and CDS divergences, and DM rates markets - specifically US 2Y Treasury yields, German 2Y bund yields, and Japan 10Y JGB yields.Weston ties all of the erratic movements occurring in assets that should otherwise be liquid and stable back to a common...2023-03-1720 min
Supply ShockMarkets Look Past Silicon Valley Bank's Collapse | Weston NakamuraFollow Market Depth On Spotify: https://spoti.fi/3mVTs9UFollow Market Depth On Apple Podcasts: https://apple.co/40dA2vmFollow Market Depth On YouTube: http://bit.ly/3JKhw8I--On today's episode of On the Margin, Weston Nakamura, the latest addition to the Blockworks team joins the show to discuss his brand new podcast Market Depth! You can follow the links above to listen to the first episode of Market Depth.Following the collapse of Silicon Valley Bank, Mike and Weston discuss the...2023-03-1650 min
Supply ShockGovernor Kuroda: The Decade’s Most Consequential Central BankerThis debut episode is from our brand new podcast Market Depth hosted by Weston Nakamura. Follow Market Depth using the links below to stay up to date with the latest episodes!Follow Market Depth On Spotify: https://spoti.fi/3mVTs9UFollow Market Depth On Apple Podcasts: https://apple.co/40dA2vmFollow Market Depth On YouTube: http://bit.ly/3JKhw8I--Follow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ Get top market insights a...2023-03-1647 min
Forward GuidanceGovernor Kuroda: The Decade’s Most Consequential Central BankerThis debut episode is from our brand new podcast Market Depth hosted by Weston Nakamura. Follow Market Depth using the links below to stay up to date with the latest episodes!Follow Market Depth On Spotify: https://spoti.fi/3mVTs9UFollow Market Depth On Apple Podcasts: https://apple.co/40dA2vmFollow Market Depth On YouTube: http://bit.ly/3JKhw8I--Follow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ Get top market insights a...2023-03-1647 minMarket DepthGovernor Kuroda: The Decade’s Most Consequential Central BankerIn this debut episode of Market Depth, Tokyo- based Weston Nakamura takes a deep dive look into Haruhiko Kuroda’s decade-long tenure as the Governor of the Bank of Japan, who leaves his post as the most consequential major central banker in the modern era. Governor Kuroda was appointed (then re-appointed for a rare second term) by Prime Minister Abe in 2013, specifically to carry out radically aggressive monetary easing measures- for which Kuroda delivered upon from his very first policy meeting with QQE. A decade later, Kuroda certainly has delivered- perhaps even overdelivered on the “easing without backin...2023-03-1647 min
Forward Guidance“Crazy Things” Are Happening In The Japanese Bond Market | Weston NakamuraCheck out Weston Nakamura’s new show, Market Depth (First episode airs on Wednesday March 15): Spotify: https://spoti.fi/3YMXoHm Apple: https://apple.co/3ytqwZ8--Today marks the end of an era for the Bank of Japan and global macro writ large, as Haruhiko Kuroda held his final policy meeting as governor of the Bank of Japan for March 2023, leaving his controversial Yield Curve Control policy unchanged, and maintaining a highly dovish stance as he exits. Governor Kuroda held his final press conference in which his only re...2023-03-1150 minMarket DepthIntroducing: Market DepthIntroducing Market Depth, hosted by Weston Nakamura, a podcast giving you direct access into the Asia Pacific region. Reporting from Tokyo, Weston provides a unique insight into how the region influences global macro forces driving markets all around the world. With his extensive background at both Goldman Sachs and Jefferies specialising in equity & derivative sales, this is the perfect podcast to cut through the noise and get the key takeaways before your trading day starts.--Follow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ S...2023-03-1001 minForward GuidanceBank of Japan Widow-Makes Once Again | Weston NakamuraThe last time Jack Farley had Tokyo-based, global macro markets trader and Bank of Japan aficionado Weston Nakamura on Forward Guidance - the BOJ had shocked the world with a sudden unexpected major change in their Yield Curve Control policy.At the January Monetary Policy Meeting held today, the BOJ once again shocked markets and caused mayhem in bond and FX markets - but this time, by doing nothing. Despite the unprecedented scale of record-setting JGB buying (or, foreign and domestic investor selling pressure), the Bank of Japan delivered a unanimous vote of no...2023-01-1853 min
Real Vision: Finance & InvestingBoJ Sends a Message to the MarketsU.S. equities gave back this week’s gains as investors try to parse producer-side deflation, the probability of recession, and the Bank of Japan’s decision to leave its yield curve control policy unchanged. The BoJ on Wednesday maintained its ultra-low interest rates, which sent the yen lower and led to interesting action in Japanese government bonds. Global markets contributor Weston Nakamura joins Andreas Steno Larsen to discuss what this BoJ news means from various asset classes, how the action is trickling into U.S. markets, and key takeaways from this morning’s PPI release.Plus, we’ll...2023-01-1839 minForward GuidanceBank of Japan’s Capitulation Perturbs Global Bond Market | Weston NakamuraThe Bank of Japan (BOJ) has stunned markets by raising the cap on its 10-year government bond and there’s no one Jack would rather speak to than, Weston Nakamura, macro analyst and BOJ aficionado.Weston tells Jack that the BOJ’s decision to allow Japanese government bonds (JGBs) to trade with a higher yield was not, as some westerners might presume, to fight inflation or even necessarily to defend the yen. Rather, the Bank of Japan is seeking to restore order to the JGB market, which has been steadily deteriorating throughout this year.Weston argu...2022-12-2154 min
Real Vision: Finance & InvestingWeston Nakamura on the WTFinance PodcastReal Vision Global Markets Editor Weston Nakamura visits the WTFinance podcast to share with host Anthony Fatseas his unconventional path to a career in markets and to explain his unique methods of analyzing price action. Weston and Anthony also talk about why the Bank of Japan is the most influential central bank of our time and a potential catalyst for further bond market volatility.Watch the video at https://www.youtube.com/@WTFinancepodcast. Learn more about your ad choices. Visit megaphone.fm/adchoices2022-11-301h 04
Real Vision: Finance & InvestingAre We Seeing the Fed’s Lag Effects?Markets held modest gains late Wednesday, as minutes from the most recent meeting of the Federal Open Market Committee suggest monetary tightening will continue, though at a less intense pace, and the policy interest rate may even reach a higher terminal level than initially forecast. That’s as more and more indicators point to slowing growth in the U.S. At the same time, data from Europe suggest things may not be as dire as once feared. Andreas Steno Larsen welcomes Weston Nakamura to talk about central bankers, markets, and the economy (perhaps a little World Cup, too) in th...2022-11-2436 min