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Thoughts on JGBs and Nikkei's reaction
Watching the $N225 drop significantly, down over 4% today, feels less like a surprise given the upward pressure on JGB yields lately. It just reinforces my short bias on Japanese equities, especially on any significant rallies, as the BoJ's maneuvering room seems to shrink. I'm keeping $N225 on my watchlist for continuation.
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It's a tough spot for the BoJ for sure. I wonder how much more they can really stomach on the yield side before things get truly uncomfortable, which would definitely put more pressure on the Nikkei.