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Joseph Wang & Alex Etra: Trillion-Dollar Liquidity Drain Imminent
Forward Guidance
Investment Strategies of Various Japanese Institutional Players
Japanese investors are not monolithic, with different institutional sectors and players that have different incentives/nGovernment pension funds have a longer term strategic view on asset allocation/nJapanese banks engage in maturity transformation to earn spread due to low yields and a flat yield curve, but Fed interest hikes made arbitrage opportunities unprofitable/nLife insurers face a limited supply of long duration assets in Japan and look for investment opportunities abroad, which may be hedged or unhedged/nThe cost of currency hedging is a function of the relative slopes of different yield curves or currencies, making it harder to earn spread when US short term interest rates rise
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