Yen as a Potential 2023 Theme

As many of you know, a big theme of this blog over the past couple months has been the economic regime shift taking place in Japan. The title of my last two Japan posts have been, “What if it Works” and “What is Going on in Japan?” While I do have a bit of a new Fed take, I will save that for next week (December FOMC preview) and focus this week on Japan again as I think the story here has the potential to be a very interesting macro theme for 2023.