04/19/2022 01:33

Release： 04/19/2022 01:33

Update： 04/19/2022 01:33

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投資判断のためのファンダメンタルズ情報を提供します。全ての投資判断のベースとなる米国経済に特に注力していますが、経済、FX、株式、金利など幅広い分野を対象としています。どの分野で投資活動をするにしても、幅広い情報を持つことで理解が高まります。私のモットーは「百聞は一見に如かず」と「困難は分割せよ」です。前者では、「情報をグラフで見ること」。文章はできるだけ短く、簡潔にしています。後者では、ボリュームのある長いレポートより、短いレポートを多数出すことにしています。そのほうがクィックリー・タイムリーに出せるし、読むのも楽だからです。また、有料であるからには、他では見られない分析情報も提供します。資産運用会社で、チーフストラテジストとして投資判断に利用してきた分析手法をそのまま提供します。勤務していたときは外部に出すことのなかった分析情報を、今は制限はありませんから。なお、相場以外については、別blog、twitterでつぶやいています。 https://kecofin.blog.jp/ https://twitter.com/kecofin

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Who are the market participants accelerating the yen selling?

The market participants in the USD/JPY market are out of balance. There is a one-sided selling of the yen.

What caused the imbalance is,

(1) Oil importers (such as Energy, Idemitsu Kosan, Cosmo, etc.)

With the rise in crude oil prices, the amount spent on oil imports has increased, and accordingly the amount of dollars available has also increased

(2) Carry trades

As the interest rate differential between the US and Japan widens and is expected to widen further, hedge funds and others are likely increasing carry trades by borrowing in yen and investing in dollars with leverage. (Data access is difficult)

In addition, what is drawing attention is,

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