When it comes to current global systemic liquidity risks, the Japanese yen may be the single-most critical global currency. Trillions have flowed out of Japan to play higher global yields. Zero Japanese rates and, importantly, negative market yields forced so-called “Mrs. Watanabe” to forage global securities markets in search of positive returns.
http://creditbubblebulletin.blogspot.com/2019/01/weekly-commentary-global-markets.html
