FX - Solomon Grey Capital

A dark currency trading room beside a glowing reserve vault representing managed yuan appreciation

Research

China's $19.5 Billion Reserve Rise: Why Beijing Is Absorbing Yuan Strength, Not Dumping the Dollar

China's reserves beat expectations in August as the yuan rose and the dollar fell. The signal is managed appreciation and export protection, not a dollar exit.

Japanese yen coins and US dollar notes beside a blurred currency market screen

Research

The $36.6 Billion Yen Rescue: Why Joint Intervention Buys Time, Not a New Exchange-Rate Regime

The first joint US-Japan yen intervention since 2011 is a backstop against disorderly markets, but it buys BOJ time rather than creating a durable FX floor.

Editorial photograph of an abstract Tokyo financial-district skyline at dusk, dark indigo sky with a warm amber sun on the horizon, symbolizing Japan's shifting rates and currency regime.

Macro

Tokyo's Repricing, Not Doom Loop: Why the 40-Year JGB Auction Told the Real Story

John Grey — Asia markets desk The consensus narrative on Japan last week was doom loop. The yen touched 163.99 against the dollar on Thursday, its weakest print since November 1986. The 10-year Japanese government bond yield closed the week at 2.816 percent, a 17-year high. The

A weathered red torii gate stands alone on a stone pier at dusk against deep navy water and darkening sky

Macro

The 160 Line That Stopped Working: Why Tokyo Has Run Out of Tools, Not Conviction

Japan deployed $73 billion in foreign reserves, the BOJ hiked to a 31-year high, and the yen still printed 161.80. The signal is not weak conviction. It is structural exhaustion of a defence built for a different world.

Empty wooden lectern lit by warm amber rim light against dark navy room — microphone visible, no speaker present

Research

The Voice That Won't Be in the Room: Why Ueda's Absence Hands the BoJ's Microphone to Tokyo's Treasury

John Grey — Asia markets desk The Bank of Japan will almost certainly raise its policy rate to 1.00 percent at Tuesday's meeting, the highest setting it has held in roughly thirty years. That part of the price action is, for once, fully embedded in the market. What

Japanese shoji panels with a sweeping currency-curve light streak and crimson accent

Research

Tokyo's Bridge Finance: Why This Yen Intervention Is Not 2024

The April 30 yen intervention is being read as a defensive stopgap. We disagree. With three BoJ dissenters and OIS pricing a 40% June hike, this is bridging fin