It’s Death Either Way For Japan

In this episode, Nik welcomes Peruvian Bull, also known as Roberto Rios, author of the Dollar Endgame, for a deep look at Japan. They trace the story from the 1980s bubble and the Plaza Accord through the lost decades, the move to zero rates, and the yield curve control era that made the yen the world’s funding currency. Roberto explains how the carry trade grew into something the Bank of Japan can no longer tame, why recent interventions cost $91 billion and included the US Treasury and Federal Reserve for the first time since 1998, and why Japan now has to choose between letting the currency fall or letting JGB yields rip. The Bitcoin Layer and its guests do not provide investment advice.