Japan’s carry-trade unwind is not done. The yen tells you when.
Look at JPY positioning, not yields. The next phase of the unwind is already pricing into Asian session liquidity.
Category
Macro & TradFi
Macro & TradFi
Macro & TradFi
Category: Macro & TradFi
Where crypto meets central banks, ETFs, and the dollar system.
3 stories on this beat
The ECB is privately split on the next 25bp. The June dot is the tell.
Bloomberg consensus says hold. The internal forecasts suggest something more dovish. We tracked the speeches.
BlackRock’s tokenised T-bill product crossed .4bn. The fixed-income desk noticed.
On-chain Treasuries went from experiment to plumbing in eight months. The next quarter is about distribution rails.