#日本国债 Returns hit a new high, and the trend almost perfectly overlaps with gold.
This is not a coincidence,
it's a graphical representation of trust erosion. 🧵👇
The most popular trend in the Japanese market now is not carry trade,
but—"High Market Trading":
👉 Aggressive fiscal policy
👉 Limited rate hikes
👉 Stock market rally
👉 Bond + Exchange rate double whammy
It sounds prosperous,
but essentially it's borrowing from the future.
What is Japan's fiscal situation now?
In one sentence:
👉 It has already become unsustainable.
The money available now is borrowed from old debts taken out ten