Our view on currency markets is that international capital flows are the strongest long term driver of currency markets. Of course other things matter as well. Since inauguration our favorite 50/50 stock/bond market in the developed market is Japan. The currency is modestly appreciated. The JGB market has cheapened by 10% and the stock market has appreciated by 70% resulting in a 30% (plus a bit for currency) return compared to a 12% return for US 50/50. The Japanese asset market has only gotten more attractive to us as the bond market now is cheap to UST Bessent is pumping JPY but the fundamental factors of capital flows are a tailwind for him. Short term we are looking to fade him and may trade today on a hot buyback rally but the underlying capital flows and pricing continues to favor JPY over USD and favor topix plus JGB over SPX plus tnotes