Random thoughts about the Japan carry trade, Target off-target, and Michael Saylor's MicroStrategy.

Yuan undervaluation is helping to sustain Chinese GDP growth, but at the expense of aggregate demand in the rest of the world (in particular Europe).

That people in their 50's and 60's end up having to retire sooner than they plan to is not new, we've been writing about it for ages and of course the problem goes back much further than that. AI is maybe better thought of as the latest threat. 

The timing of the transaction says a lot. Earnings had to be delayed because of an IFRS restatement and trading was even halted for a moment. A delay like that almost never comes without smoke. Financial pressure was real.