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Stuart Allsopp

I am a full-time investor and owner of Icon Economics - a macro research company focussed on providing contrarian investment ideas across FX, Equities, and Fixed Income based on Austrian economic theory.

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- Daniel ThurechtDaniel Thurecht
  ·2022-12-20
  They Think It’s All Over
  Views are my own. Just my thoughts on macro developments. Not investment advice. Just as markets felt fully checked out for the year the BOJ have sent a shock to lightly staffed trading desks across the globe. The BOJ have widened the band that the 10yr JGB yield can trade in around 0% from 25bps to 50bps. Given that the pressure is for higher yields in G10 this band is essentially a cap as the 10yr JGB yield is constantly testing the top of this band. So a widening of the band may seem like a mere adjustment but effectively it lifts the 10-yr JGB yield from 25bps to 50bps. BOJ’s Kuroda is adamant that today’s “adjustment” is NOT a hike or a signal of a potential end to YCC. Although in my opinion what is important is that the yield on the 10yr JGB just doubled from 25bps to 50bp
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