Author

Raghu Kohli

Macro21 Apr 2026

Japan's Impossible Position: The Yen, the BoJ, and a War It Didn't Start

The Iran war handed the Bank of Japan a policy trap it cannot easily escape. Holding rates to avoid a growth shock is letting the yen slide toward levels that historically trigger intervention. Hiking to defend the currency risks making the growth shock worse.

Japanese Yen Bank of Japan FX Iran Monetary Policy Stagflation

Raghu Kohli8 min read

Read Article

Markets Macro27 Mar 2026

The Week That Reset the Rate Narrative

Six central bank holds in 48 hours, Brent crude approaching $96, and a US-Iran military conflict have shattered the consensus rate narrative of early 2026, resetting the dollar, the yen, and the entire FX outlook.

FX Federal Reserve Bank of England Bank of Japan Oil Geopolitics US Dollar

Raghu Kohli6 min read

Read Article