Brad Setser(@Brad_Setser):Yen is falling v the dollar I think ... Someone should do an essay comparing the trajectories of US and Japanese (net) public debt, and the forward looking forecasts of Japan's primary balance v that of the US ... I would believe a fiscal story for JPY/ KRW a bit more!

2026.07.22 13:36

Yen is falling v the dollar I think ... Someone should do an essay comparing the trajectories of US and Japanese (net) public debt, and the forward looking forecasts of Japan's primary balance v that of the US ... I would believe a fiscal story for JPY/ KRW a bit more!

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Robin Brooks@robin_j_brooks

2026.07.22 11:40

How can you explain the continuously falling Yen even though Japan's interest rates are rising? The explanation is that Japan's shadow yield - the yield markets require to compensate them for the risk of a debt crisis - is rising faster than actual yields.

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