The 10 year note in Japan closes below .3%- that’s what happens when you have the largest deficit in the world…
;)

And note the yen has gone from just under 80 to the $ not that long ago to just over 120 recently. That’s over 50%, about the same as the ruble. So the ruble vs yen is about back to where it was before both depreciated vs the $. And that goes for other currencies as well, including the euro. Which also means the price of oil in those currencies has been steady to only a bit lower.

In other words, if you squint, it all has the appearance of a US deflation…

Merry Christmas!!!