AI financing through SPVs moves massive risks off balance sheet. This analysis shows how tech giants structure billions outside direct view. Regulators are watching, but they trail behind the speed of the market.

Longer term, I do not really know where we go, but you could make an argument for 162 yen before it is all said and done.

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.