Bob Elliott
· Nonconsensus
· July 10, 2026 at 10:15
| Read on Substack ↗
Summary
The article argues that shorting the Japanese yen has historically been a highly profitable macro trade, but the primary risk remains Ministry of Finance intervention. The truncated snippet suggests a shift in outlook or a new catalyst, but without the full text the complete thesis is unclear.
•Shorting JPY has been one of the best macro trades for many years.
•The main challenge is avoiding JPY losses when the MoF intervenes by buying yen.