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Bent notes Japan's benchmark bond yield has hit a 30-year high, making its bond market a key bellwether for the global system given its role in the carry trade and its heavy dependence on Middle East energy.
Arnold points to Scott Besson endorsing Japan's rate hiking cycle and the broader 'global monetary reordering' as evidence a fine line is being walked between U.S. and Japanese policy objectives.
Japan's Finance Minister Satsuki Katayama announced steering the GPIF to increase domestic asset investments, aligning with a state-directed capitalism strategy to cap bond yields below inflation.
Bennett links Japan's policy to the US 'Trump accounts' plan, noting both force retail capital into stocks and bonds to buoy markets and manage sovereign debt.
Robert notes Uday published a 400-page PhD thesis, 'The World after the Cold War', predicting US dominance would fade by 2015 and new superpowers like Japan, China, and the EU would emerge.