Earlier cycles were simple for Japan.

Whenever the global economy slowed, US bonds acted like the ultimate safe haven.

Money rushed into Treasuries.
US yields fell.
Rate spreads with japan narrowed.
Dollar pressure cooled.
And Japan got breathing room to keep rates near zero.

Goldman Delta 1 head:

"The most interesting thing I read over the weekend came from Brian Armstrong at Coinbase. The accompanying chart showed AI spend has almost halved while token usage continues to grow exponentially. As Armstrong put it, “The goal isn’t to suppress usage.

Jensen Huang just said the line that kills the oldest myth about work.

Not the myth that AI replaces your job.

The myth that you ever did it yourself.

You were never the worker.

You were always the employer.

Huang: “Our job is not to do the job. Our job is to have the job be