Japan just nuked $120B in market cap today. ¥18.8 trillion wiped clean.
Markets are finally repricing Japan's new world: higher yields, tighter rates, and debt concerns piling up.
This matters because Japan's been the global liquidity ATM for decades. When they shift, everything downstream feels it.
Watch the yen and JGB yields. If liquidity dries up here, risk assets everywhere get hit.
Not just a Japan story. This is a macro liquidity story.
Markets are finally repricing Japan's new world: higher yields, tighter rates, and debt concerns piling up.
This matters because Japan's been the global liquidity ATM for decades. When they shift, everything downstream feels it.
Watch the yen and JGB yields. If liquidity dries up here, risk assets everywhere get hit.
Not just a Japan story. This is a macro liquidity story.