Japan has once again become an important source of risk for global financial markets.
Japan and the United States recently intervened together to strengthen the yen. This has revived memories of August 2024, when the yen appreciated abruptly, part of the yen carry trade unwound and markets around the world plunged.
I will soon publish a new Macro Watch video explaining how Japanese monetary policy has evolved since 2018—and whether another sharp rise in the yen could trigger a new carry-trade unwind.
Before then, I am making my two comprehensive 2018 videos on Japanese monetary policy freely available for the first time.
Together, they explain how the Bank of Japan pioneered increasingly radical monetary policies—from zero interest rates and Quantitative Easing to negative interest rates and Yield Curve Control.
Japanese Monetary Policy — Part One
The BOJ’s Radical Experiment, 1999–2012
CLICK HERE TO WATCH PART ONE FOR FREE
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