Brad Setser
@Brad_Setser
CFR senior fellow. Views are my own. Writes on sovereign debt, trade, fx reserves and capital flows.
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A reminder -- whenever the MoF sells dollar it bought for 80 yen for 155-160 yen, it books a massive profit and reduces Japan's gross debt significantly ...
"spending reserves" is a common frame for intervention, but it misses something in Japan's case ...
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China's auto sector is a near-perfect metaphor for China's economy -- domestic demand is down, quite significantly. But exports are on a rocket ship up -- vehicle exports should come close to reaching 12m this year, car exports 10-11m
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