American Piggybank with Brad Setser
The ACID Capitalist Podcast
00:00
The Japanese Financial System Is the Biggest Dollar Intermediary in the World
The Japanese financial system is actually the biggest dollar intermediary in the world. I think they probably swap it a lot with a lot of Chinese entities. The stronger banks, the stronger lifers have sold their low yielding treasuries and agencies to offset the cost of the hedge. That has become a pretty big flow.
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