🤔💭July 2024 is starting to look like a better roadmap than a BOJ playbook. Same ingredients: yen strengthens, crowded AI trades crack, leverage gets exposed, then everyone screams "intervention" while balance sheets are already on fire. 👀🔥 A yen intervention can move USD/JPY. A carry unwind can move everything. AI stocks, USD/JPY, Treasury chatter, collateral calls, even Bessent stepping in all fit a market trying to stop a feedback loop, not necessarily one trying to start it. Big difference. 🍿 $GME
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