Syz the moment

📉 Many investors are once again betting on further yen weakness, even as the currency trades near a very sensitive level around 160 against the dollar, and have built their largest bearish positions on the yen since 2017. ⚠️ Market now seems to see these risks as largely priced in. A BoJ rate hike is no longer a real surprise, neither is intervention from the Ministry of Finance. The yen can still weaken gradually from here but the risk of a brutal squeeze rises as bearish positioning keeps building. Source: Christophe Barraud, Bloomberg

Source: The Market Mind

Thousands of jobs were created. Countless new millionaires were minted. And Small-cap stocks just hit new 52-week highs relative to Large-caps. Source: J-C Parets

Source: Stocks World

Source: BCA Research

49 of 51 economists surveyed by Bloomberg expect the BOJ to raise its key interest rate by +25 basis points to 1.0% at its June 15-16 policy meeting. This would mark the highest level since 1995 and the first time above 1.0% in more than 3 decades. The same survey shows economists expecting a further hike to 1.25% by year-end, implying 2 rate increases in 2026 alone, with ~71% expecting hikes roughly once every 6 months. This comes as the Iran war-driven energy shock has pushed Japanese inflation risks higher, with 60% of survey respondents flagging a rising risk of the BOJ falling behind the curve in fighting inflation. The BOJ's decision on its government bond purchase reduction program will also be closely watched, with the majority of analysts expecting the central bank to slow or pause its tapering from April 2027. The Bank of Japan is gradually closing the gap with other major central banks. Source: Global Markets Investor, Bloomberg

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Source: Finviz