ZTrader Macro & AI Notes

ZTrader Macro & AI Notes

Japan’s insurers and GPIF are buying JGBs again, not selling — so why is the yen still near 40-year lows despite two BOJ hikes?

Four forces are pulling at USD/JPY — insurer buying, a mixed BOJ signal, capital repatriation, and a US toolkit that's already thinning. None of them agree yet.

Dorian's avatar
Dorian
Aug 14, 2026
∙ Paid

Four forces are pulling at the yen right now, and none of them agree.

By Dorian | ZMACRO Research — Tokyo, August 14, 2026

User's avatar

Continue reading this post for free, courtesy of Dorian.

Or purchase a paid subscription.
© 2026 Liao Wunkai · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture