{"id":195149,"date":"2023-08-23T09:30:00","date_gmt":"2023-08-23T13:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=195149"},"modified":"2023-08-23T12:57:59","modified_gmt":"2023-08-23T16:57:59","slug":"a-not-so-wishful-economic-situation","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/a-not-so-wishful-economic-situation\/","title":{"rendered":"A Not So Wishful Economic Situation"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-at-a-glance\">AT A GLANCE<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Headline inflation in Japan remains sticky, hitting 3.3% in June, which is above the Bank of Japan\u2019s 2% target<\/li>\n\n\n\n<li>Japan remains the world\u2019s only central bank with negative interest rates<\/li>\n<\/ul>\n\n\n\n<p>Has anybody ever told you to be careful what you wish for because you might get it? Well, the Bank of Japan appears to be in one of those situations today.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.cmegroup.com\/openmarkets\/economics\/2023\/A-Not-So-Wishful-Economic-Situation.html\"><strong>Click here to watch video <\/strong><\/a><\/p>\n\n\n\n<p>Japan&nbsp;spent three decades oscillating into and out of deflation. As such, when inflation started to rise in 2022, the BOJ was initially thrilled. Finally deflation was coming to an end, and inflation was heading up to a target of 2.5%. The problem is that inflation didn\u2019t stop heading higher at 2.5%. It\u2019s now up to 4.2% excluding fresh food and energy. In a nation with a large elderly population where many people are on fixed incomes, having inflation too high is just as bad has having it too low.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"623\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100851-1100x623.png\" alt=\"BOJ Deposit rate and core inflation\" class=\"wp-image-195150 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100851-1100x623.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100851-700x397.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100851-300x170.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100851-768x435.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100851.png 1193w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/623;\" \/><\/figure>\n\n\n\n<p>But why should the rest of the world care what happens to Japan\u2019s inflation rate? For starters, Japan has the world\u2019s fourth largest economy, and what happens to the yen and to Japanese bond yields is of worldwide consequence.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"625\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100922-1100x625.png\" alt=\"JPYUSD and BOJ - Fed Balance Sheets\" class=\"wp-image-195151 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100922-1100x625.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100922-700x398.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100922-300x171.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100922-768x437.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100922.png 1191w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/625;\" \/><\/figure>\n\n\n\n<p>Beginning in 2012, the BoJ launched a mega quantitative easing program \u2013 four times bigger than what the Federal Reserve did relative to the respective size of their economy. This QE program sent the yen plunging as the BoJ also capped 10-year Japanese government bond yields. But recently, they have softened the cap, sending not only Japanese bond yields higher but raising the cost of long-term borrowings all around the world, including in the United States and Europe.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"652\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100952-1100x652.png\" alt=\"10Y government bond yields in Japan and the US\" class=\"wp-image-195152 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100952-1100x652.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100952-700x415.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100952-300x178.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100952-768x455.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-22-100952.png 1142w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/652;\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Has anybody ever told you to be careful what you wish for because you might get it? Well, the Bank of Japan appears to be in one of those situations today. <\/p>\n","protected":false},"author":449,"featured_media":195150,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,18,8,9,26,3],"tags":[3221,9362],"contributors-categories":[13577],"class_list":{"0":"post-195149","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-asia","8":"category-macro","9":"category-region","10":"category-securities","11":"category-text-articles","12":"category-traders-insight","13":"tag-economic-data","14":"tag-economic-outlook","15":"contributors-categories-cme-group"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A Not So Wishful Economic Situation | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Has anybody ever told you to be careful what you wish for because you might get it? 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