YCL News and Press, ProShares Ultra Yen

2024-07-31 14:25:00 ET Summary The “real” policy rate is massively negative, with the new policy rate of 0.25% far below Core CPI of 2.6%. When QT reaches about ¥3 trillion per month in 2026, it would represent a reduction of its JGB holdings of about 0.5% per m...

2024-07-31 09:00:00 ET Summary As we had expected, the BoJ raised its policy rate to 0.25% and announced the JGB purchases would be halved by 1Q26. The growth outlook was trimmed modestly for FY24, while the inflation outlook remained above 2% until FY25. As we expect real wag...

2024-07-30 13:10:00 ET Summary Why there's a rotation out of big tech. The unwinding of the macro trade and the rise of small-caps. Do small-cap earnings support their current share prices? Small-cap stocks have been among the biggest beneficiaries of market rotation...

2024-07-30 00:50:00 ET Summary One of the largest carry trades in the world, funded by the Japanese yen, has reached some sort of climax and is partially unwinding, which is sending ripples through stock markets in both Japan and the U.S. As of Sunday, July 28, the Nikkei 225 Inde...

2024-07-29 14:05:00 ET Summary We see recent market volatility tied to near-term sentiment shifts rather than corporate earnings and macro data. We prefer to look through these air pockets. U.S. stocks fell for a second straight week, with the S&P 500 suffering its largest one...

2024-07-28 03:49:00 ET Summary The dollar, the most actively traded currency, was arguably not the prime mover in recent days. Despite what appears to be a cacophony of Fed voices, there seems to be a consensus that while confidence that inflation is on a sustainable path back to ...

2024-07-20 09:45:00 ET Summary The consolidative phase for the dollar, after its recent drop, is evolving into a proper upside correction. Japan's economy appears to have recovered in Q2 from the contraction in Q1. The eurozone's June PMI fell for the first time since last Oct...

2024-07-19 07:15:00 ET Summary Among the G10 currencies, only the Swiss franc and Japanese yen gained on the greenback amid what appears to be some unwinding of carry trades. The Dollar Index is being sold through 104.00 for the first time in three months, in the middle of the wee...

2024-07-19 03:45:00 ET Summary Japanese authorities have not confirmed whether they have intervened in the market to support the Yen. USD/JPY broke a long-term descending trendline but found support near the 100-day MA and 155.00 level. Price Action outlook and potential setup...

2024-07-18 14:50:00 ET Summary We are concerned that the U.S. Federal Reserve may wait too long to follow other major central banks in making its first cut. We think political and market volatility is likely to rise in the second half of the year, with the potential to persist wel...