1/n 🧵
The last intervention to buy #JPY was from 1997 through 1998. #Intervention started when #USDJPY reached 130 in December 1997, but JPY continued to depreciate until the pair reached its high of around 147 in August 1998.
3/n
However, the #LTCM crisis followed this, and the Fed embarked on emergency monetary easing, including cuts to its policy rate, so #USDJPY suddenly fell to around 111 in October 1998 and 108 in January 1999.
@Sino_Market Yeah saw that, not sure if it's gone bring back the consumer confidence and sales by a big margin in the long term but yeah positive for now.
The BoE published a great paper breaking down the drivers behind Global R*, the equilibrium real rate at which the global economy can deliver its potential growth
In short, the world needs negative (!) real yields to hold steady due to very bad demographics and poor productivity