The Risk Of The Yen Is Approaching FOMC
This week’s note is a two‑part deep dive on the Yen into FOMC.
In Part 1 (below), I walk through the core risks: where we are in the cycle, what’s priced into rates, and the key pressure points for JPY if the Fed’s path shifts from here.
In Part 2, for paid subscribers, I go a level deeper into positioning and implementation: how I’m thinking about expression, where the asymmetry is, and the scenarios that would get me to change my stance.
If you find the first part useful, and want to see exactly how I’m translating it into scenario analysis and strategy implication. Part 2 is just below the paywall for paid subscribers.
Positioning and Strategy Implications:
Part 2: