For 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.--Follow Market Depth On Spotify: https://spoti.fi/3mVTs9UFollow Market Depth On Apple Podcasts: https://apple.co/40dA2vmFollow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

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 and press conference.--Follow Market Depth On Spotify: https://spoti.fi/3mVTs9UFollow Market Depth On Apple Podcasts: https://apple.co/40dA2vmFollow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--orDisclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

For 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 be forced back into some form of JGB purchasing and monetary accommodation.--Follow Market Depth On Spotify: https://spoti.fi/3mVTs9UFollow Market Depth On Apple Podcasts: https://apple.co/40dA2vmFollow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

To kick off Day 1 of Bank of Japan Week, culminating in an extremely critical first Bank of Japan meeting under new leadership in a decade, Weston first gives his takeaways on the two headlines from overnight - Sankei News’ press test of a comprehensive policy review, as well as Bank of Japan Governor Ueda’s latest comments in Parliament today.Weston then discusses just how the Bank of Japan may potentially cause major global market disruptions, particularly in the sovereign bond markets, in two ways: trillions in Japanese capital liquidating foreign assets to repatriate back home in favor of higher JGB yields, and violent market turmoil triggered by an explosion of rate market volatility.--Follow Market Depth On Spotify: https://spoti.fi/3mVTs9UFollow Market Depth On Apple Podcasts: https://apple.co/40dA2vmFollow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

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 Podcasts: https://apple.co/40dA2vmFollow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Goldman 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 Podcasts: https://apple.co/40dA2vmFollow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Weston 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 more of a currency pair against the US dollar, rather than a standalone commodity price.--Follow Market Depth On Spotify: https://spoti.fi/3mVTs9UFollow Market Depth On Apple Podcasts: https://apple.co/40dA2vmFollow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

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 this week - and Weston's speculative theory that ties the Oracle of Omaha with a potential signal for policy out of the Bank of Japan.See Weston's tweet on Warren Buffett and the Bank of Japan here:--Follow Market Depth On Spotify: https://spoti.fi/3mVTs9UFollow Market Depth On Apple Podcasts: https://apple.co/40dA2vmFollow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

As 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.--Follow Market Depth On Spotify: https://spoti.fi/3mVTs9UFollow Market Depth On Apple Podcasts: https://apple.co/40dA2vmFollow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In 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/3mVTs9UFollow Market Depth On Apple Podcasts: https://apple.co/40dA2vmFollow Weston: https://twitter.com/acrossthespreadFollow Blockworks: https://twitter.com/Blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/--Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.