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GM41: Global Macro Face Off ft. Cem Karsan & Alfonso Peccatiello
Top Traders Unplugged
The New Inflationary Wave in Japan
Japan is the largest exporter of capital in the world, literally. They accumulated a large amount of savings over the last 20 years and they basically have no good investment opportunity domestically. This time you also have an idiosyncratic tailwind potentially behind due to domestic inflationary pressures and changing monetary policy. We're debating whether Ilkov control is the right way to go in Japan or not. I think there is an asymmetry in the trade. If you expect the global economy to slow down any way like I do, interest rate differential stand to close and Japanese yen tends to benefit from it.
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