Japan: Is the Balance Sheet Recession Over?

Japan’s Corporate Balance Sheet Recession: Still Impacting Attitudes Towards Risk-Taking

Japan Reflation Take... 4? - The End of Deleveraging

Founder & Head of Research, Fortress Hill Advisors

Alex Ng

Founder & Head of Research

Fortress Hill Advisors

Founded in Hong Kong in 2019, Fortress Hill Advisor seeks to provide premium economic and financial researches.

Premium Economic & Investment Research

Cross Asset Strategy

Japan & United states / Cross Asset Strategy

<ul>
<li>JPY has gained momentum since prospect of Fed rate cut rises and BOJ raised interest rate.</li>
<li>Yen has depreciated by 32% over the past 4 years. As dollar/yen strengthens to over 150, we believe Yen will recover to 110 level as US Treasury Yields move lower.</li>
<li>As US yields lower, the USD bond held by BOJ will move higher and Bank of Japan will be forced to sell USD bond and USD to rebalance their portfolio.</li>
</ul>


JPY has gained momentum since prospect of Fed rate cut rises and BOJ raised interest rate.
Yen has depreciated by 32% over the past 4 years. As dollar/yen strengthens to over 150, we believe Yen will recover to 110 level as US Treasury Yields move lower.
As US yields lower, the USD bond held by BOJ will move higher and Bank of Japan will be forced to sell USD bond and USD to rebalance their portfolio.


JPY Movement Under Fed Rate Cut and BOJ Rate Rise