Strategy Chartbook

This report warns against JPY-funded EM carry trades due to excessive positioning and hawkish BoJ signals. It also highlights AI-driven inflationary pressures in the US and a structural shift of Chinese household savings into the domestic equity market.

Key Takeaways

• 1.AI-related supply chain pressures are actively contributing to US inflation and producer prices.
• 2.Excessive JPY short positioning relative to BoJ hawkishness makes JPY-funded EM carry trades risky.
• 3.Chinese household savings are reallocating from property and cash deposits into equity markets.

Table of Contents

• SUMMARY – KEY POINTS
• MACRO DRIVERS
• FIXED INCOME
• CURRENCIES
• EQUITIES
• ALTERNATIVES

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