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’Prepare to buy Japan… with both hands
So says SocGen’s resident value investor Dylan Grice, who doesn’t go in for saloon bar nuclear physics.
From his latest ‘Popular Delusions’ note:
Something I’ve found striking watching the endless interviews with nuclear experts on the various TV news shows has been their confidence that there won’t,
Japanese mortgages: rarer and riskier
By now you’ve perhaps heard about the ticking, aging timebomb underneath Japanese government bonds. Or predictions of a negative savings rate. Or sovereign downgrades.
But what of the super safe Japanese mortgage market?
In a note out on Wednesday,
A yen for bonds in ‘upside down’ financial world
The financial world “seems upside down”, writes Michael Heise, chief economist at Allianz, in Wednesday’s FT, noting that the spectre of inflation haunts countless TV and radio debates while gold and other precious metals are the flavour of the moment – and yet,
Japan’s no-playboy bonds
Presented without comment, from RBS on Thursday:
…our colleague Bill O’Donnell reports that a new Japanese Ministry of Finance advert says that Japanese women prefer men who invest in government bonds,
How much is a Japanese PM worth?
How much is a Japanese prime minister worth to investors and markets?
Not that much, it would seem, judging from the sluggish investor reaction to Wednesday’s news that Yukio Hatoyama had become Japan’s fourth prime minister to resign in four years.
Silver linings beyond the euro crisis and yen gyrations
The extreme currency gyrations of the last 24 hours have thrown the yen, euro and dollar in the spotlight, following Thursday’s collapse of the euro to an eight-year low against the yen and below $1.25 against the dollar.
‘Japan’s brewing fiasco’
No, there hasn’t been an explosion in the Asahi Super Dry factory. But it might be almost as bad. SocGen’s Dylan Grice has a note out on Japanese government bonds (JGBs) – and fears their maturity dates presage an imminent blow-up.
JGB murders: A novel and illuminating take on JGBs
After the highly unusual flurry of excitement and speculation in the normally dull Japanese government bond market through early November, FT Alphaville, among others,recently noted the end of the short-squeeze fest in JGBs.
JGBs and the ‘end’ of the short-squeeze fest?
It has been quite a week for the ‘ugly sister’ of the debt markets, Japanese government bonds.
As noted on Wednesday, these usually dull and often ignored instruments have come out dancing — largely due to a surge of shorting interest touched off by Greenlight Capital’s David Einhorn,
Japan bond yields rise
Japanese government bond yields rose to their highest level in three months on Thursday, as poor demand at a 10-year bond auction underscored concerns over rising issuance in the world’s largest bond market.
Japan’s JGB dilemmas
Japan’s bond market — the biggest in the world — could be about to get a whole lot larger if the new DPJ-led government really is changing tack on its initial pledge to cut government spending.
The Nikkei business daily reported on Thursday that the government’s ambitious spending programmes and budget requests from ministries and agencies for the 2010-11 fiscal year starting next April,
Credit levelling, Japan edition
For some time now, Japan has been in something of an anomalous position with regard to its sovereign credit ratings.
Once upon a time Japan was a safe-as-houses triple A issuer: the bank of Japan had a deserved reputation for fiscal rectitude and of course,