Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cam Hui has been professionally involved in the financial markets since 1985 in a variety of roles, both as a quantitative equity portfolio manager and as a sell-side analyst. He graduated with a degree in Computer Science from the University of British Columbia in 1980 and obtained his CFA Charter in 1989.

Cross-Asset Strategist & Quantitative Analyst

Japan Watch: Flows in JPY and JGBs after the YCC decision

Japan Watch: 1% with Added Flexibility – More or Less Printing from Here?

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

Japan & United states / Cross Asset Strategy

<ul>
<li>The case for equities have changed from TINA (There Are No Alternatives) during the low-interest era to TARA (There Are Reasonable Alternatives). One source of TARA risk comes from Japan.</li>
<li>Japan has long been a supplier of liquidity to the global financial system. The BOJ’s tweak to its YCC policy poses a threat to that paradigm.</li>
<li>Such a change would also threaten equity risk appetite. So far, any damage from the shift in BOJ policy has been minor.</li>
</ul>


The case for equities have changed from TINA (There Are No Alternatives) during the low-interest era to TARA (There Are Reasonable Alternatives). One source of TARA risk comes from Japan.
Japan has long been a supplier of liquidity to the global financial system. The BOJ’s tweak to its YCC policy poses a threat to that paradigm.
Such a change would also threaten equity risk appetite. So far, any damage from the shift in BOJ policy has been minor.


The TARA Risk From Japan