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Strategy Report ·QS Team ·01 Dec 2025

#Japanese Equities #Taiwan #Japanese Yen #Shipping #JGB (Japanese Government Bond) #Container Shipping #France Sovereign Debt Crisis #France-Lecornu #Japan-The Sustainability of Sovereign Debt #Japan China Conflict #US - China - Taiwan-The trilogy of Betrayal?
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I am biting the bullet and cutting Japanese equity and yen positions. Keeping the short yen on. The reason is twofold: 
  1. disastrous budget that will push 10yr Japanese JGB yields above Bund's at 2.7%; and 
  2. China putting Japan in the crosshairs to make an example of what happens to middle powers that back Taiwan.  This will a long drawn out crisis. it removes Japan’s safe haven status. The more so as it is likely Trump will betray Taiwan for a mega trade deal with Beijing. 
If anything I would in crease the JGB short more,


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