Ultra-low yen rates drove global investment flows, Michael A. Gayed notes

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17 hours ago

Ultra-low yen rates drove global investment flows, Michael A. Gayed notes — Yen rates fueled global carry trades

Michael A. Gayed highlights the lasting impact of three decades of near-zero interest rates in Japan.

He describes how investors borrowed cheaply in Tokyo to buy assets such as the S&P, drawing an analogy to hamsters endlessly spinning on a wheel, suggesting repeated cycles of global carry trades sparked by Japan's monetary policy.

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Gayed previously noted that a yen short squeeze could force carry trades to unwind, positioning U.S. Treasuries as a leading safe-haven asset, according to a recent analysis. He has also argued that figures such as Jeremy Grantham and Michael Burry have achieved greater financial and personal success than their critics, as stated in a separate commentary. Both observations highlight his recent focus on market reactions to monetary shifts.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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