Something people completely forget about Japan and the carry trade is that real interest rates are still negative in Japan 🧵 This means there is a TON of liquidity in their market You think the Fed is accommodative? It's nothing compared to BoJ Why do you think the Nikkei is at all time high valuation right now? This is a massive signal and amount of liquidity that has been sucked into Japanese equities it is directly tied to global capital flows

This is a chart of the Price to sales valuation bands for the Nikkei puts the global system into perspective when you understand this