Two big Japanese banks say so. Caution is advised however.

Bloomberg out with the usual Japanese shops on repatriation in Q1

MUFJ and Daiwa citing February to mid March. No way Sherlock. 

Be a little careful though as i’m not sure how much is priced in. That said layering into 108 big fig is not a bad shout. It’s up to you but you can’t deny the stats because Q1 in the last four years has been sparkle dust for JPY buying. 

In case you didn’t know repatriation flows include export payments, coupons or interests from foreign investments, as well as dividends from exporters’ overseas units, according to Bank of Tokyo-Mitsubishi UFJ.

The last four weeks have seen a lot of cross-asset-volatility. Flows if you will. Why is that ? Have a pick and delete as you see fit: we are at the end of the business cycle, there was dodgy short vol squeeze, inflation fears – then not, FOMC short vol position at 1.2 tril creaking, a needed correction caused by over levered equities, my great aunt in Geneva short covering 4 yards of cash. 

I don’t know will suffice. 

Watch that risk ladies and gents.

Patrick Reid
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