Why Japan Could Trigger the Next Global Market Shock #121

In this week’s Crypto Options Unplugged, Imran Lakha and David Brickell welcome back Greg Magadini for a wide-ranging discussion on the macro forces shaping global markets. The conversation begins with the Federal Reserve, inflation, and why markets may be overestimating the likelihood of further rate hikes despite softer underlying inflation data and easing energy prices.The discussion then turns to one of the biggest macro stories on the horizon: Japan. Greg explains why Japan's rising bond yields, enormous debt burden, and weakening currency could become a defining theme for global markets. The trio examine how credit markets, central bank policy, and currency dynamics interact—and why the Japanese yen may represent one of the most important macro trades over the coming years.Along the way, they explore the recent pullback in AI-related stocks, debating whether the move reflects deteriorating fundamentals or simply positioning after an overcrowded trade. They also discuss how capital flows, leverage, and macro uncertainty continue to influence both equities and crypto markets.Finally, Greg shares several options-based approaches to expressing long-term macro views, highlighting why understanding volatility, carry, and asymmetric risk can create opportunities that most investors overlook.Deribit FZE does not accept UAE retail clients for derivatives and does not accept US clients and clients from restricted countries.