Thanks a ton and I learned a lot from your piece.

Just one suggestion, if you draw a graph between US2y - JP2y vs. Japanese holdings of US Treasuries, the fit/correlation of the two lines is even better.

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Philosophically it seems like there is a bit of difference between growth driven inflation and inflation driven by external factors whilst having no growth (aka stagflation). Doesn’t seem obvious that BoJ will be celebrating to see 2% inflation when there is no growth?

No idea how that changes the investment environment but the response must be different?

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