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Is Japan really that cheap?
podcast I spent the last week in Japan hiking the Kumano Kodo. It was great - but I will do a separate post on this. On almost every currency measure you can find, Japanese yen comes up cheap. This long dated BOJ measure has the Yen back at levels pre 1985 Plaza accord, which saw the Yen skyrocket in value. The temptation to be long Yen in strong, but since 2020, when the Yen also looked cheap, it has been wrong. chart I have discussed earlier in a world of rising tariffs and industrial policy, the Yen might not be the same currency it was. One big example of this is that Mexico does better than Japan or China ... (full story)