https://johnjhardy.substack.com/p/between-a-greenland-rock-and-a-jgb

🔗John Hardy's Between a Greenland rock and a JGB hard place.

"Below is what a devaluation of a country’s currency and its public debt (the same thing, often) look like. Consider your return as a US-based investor in that JGB over the last several years - falling from 95 to 38 and the currency falling by a third as well. After this latest steep sell-off in JGB’s, the next and very large policy move is incoming to halt the slide - will it succeed? Anything that prompts mass redirection of capital back to Japan is a liquidity draw on the rest of the world, regardless."