The Importance of the Bank of Japan

The biggest carry trade in the history of mankind, these things start to unravel. It has implications for sure in it to equity markets. We spent 15 years before rate hikes steadily deleveraging and ensuring that debtors couldn't easily fall victim to a credit crunch. And so I think that's something that when you think about all that fiscal stimulus that we had in the pandemic,. yeah, a lot of that's been wound down.

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