I had Mos Burger chicken for Christmas again this year.
Mos Burger's famous old man, who runs the busy restaurant, is still going strong this year! It's been 20 years since I met him.
The old man has lost weight and his back is rounded.
Bank of Japan raises interest rates.
The rate spread between the U.S. and Japan is changing.
The 50bp spread has narrowed since the end of November, But it is still 350BP.
Up to 3 years, it is over 400bp.
JGB 10 year yield minus UST yield
I expect the trend of dollar strength to continue.
The unexpected BOJ actions brought a bumpy one,
but I expect the dollar to strengthen and the yen to weaken again.
USDJPY
Sell-off in growth stocks is also a concern in Japan.
Interest rate trend is long. BOJ's rate hike cycle has just begun.
Growth stocks will be volatile until the new regime clarifies the timeline of the BOJ's policy.
The end of a long period of monetary easing and a turning point.
Investment stance relying on low interest rates must be changed.
TOPIX and TSE Mothers, upper panel: 1 month, lower panel: 1 year