No reason for the debasement trade to stop!

Show notes

Japanese stocks are on a roll thanks to the so-called “Takaichi rally”, as reports that PM Sanae Takaichi might call a snap election boost hopes of stronger fiscal support and tech-focused policies. The Topix is leading the charge, with tech and defense names stealing the spotlight. Meanwhile, US futures are treading water, caught between political pressure on the Fed, a softening dollar and questions about how far rate cuts could go without stoking inflation. The weaker greenback helps US equities in nominal terms, but non-US investors are starting to feel the currency drag. Normally, rising Japanese yields would spark worries about global capital flows, but today’s abundant liquidity keeps the selloff risk in check. For now, Japan is enjoying its moment in the sun while the rest of the world watches cautiously.

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Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020, and launched her own website ipekScope.com in 2025.