PODCAST · business
Market Depth
by Blockworks
Weston Nakamura’s “Market Depth” is your direct access to the Asia Pacific region. Tune in every Monday, Wednesday & Friday to stay up to date on the macro forces driving markets from Asia to the U.S and everywhere in between.
Episodes
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How Asia Markets Are Reacting To Nvidia’s Blowout Earnings
Nvidia surprised the street with another major beat to guidance estimates for its Q2 earnings release - arguably the most widely watched corporate earnings report globally in 2023, with the stock +9% higher in after-hours trading. However, in the following Asia trading session - which is the...
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China Drags Global Markets Down As Half-Measure Policies Prove To Be Ineffective
China has had a very rough 2023, in markets and in the real economy. But, last week was a particularly brutal week for China’s markets, as the Hang Seng Index closed the week in bear market territory, and the yuan edged ever closer to its treacherous 15-year lows - all of which had spilled over…
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Asia Pulls Down Global Equities, As The Dollar Weighs On Asia
As followers of Market Depth Podcast know- this year's NASDAQ upside rally was largely driven by Japan and the Nikkei225. Now, Weston Nakamura explains how the current market sell-off is being driven by China, and the plunging yuan. Weston also discusses his views on the Japanese yen, and how he…
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Japanese Investors Rush Back Into Global Bond Markets
Ahead of the US July CPI data and the 30-year Treasury auction, Weston Nakamura follows up from the previous episode of Market Depth with an update on bond market activity from Japanese investors, who have been driving the week's drop in global sovereign bond yields via the JGB and US Treasury...
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What Triggered Fitch's Downgrade Of U.S Debt?
With still no further clarity on Bank of Japan’s new policy framework of Yield Curve Control, and currency and cash bond markets out of sync, Weston Nakamura examines market price action and activity on US and Japan rates through the lens of futures markets, in order to determine if cross asset...
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Bank Of Japan's Week Of Bond Market Meddling Spikes Global Yields
Developed markets globally saw a dramatic rise in sovereign bond yields that spanned this whole week - notably at the long end of US Treasuries. Some attribute the move to Fitch Ratings downgrade of US debt, while others point to the government's announcement to boost its bond issuance in the...
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Bank Of Japan Takes A Major Gamble With Yield Curve Control
At the July 2023 Monetary Policy Meeting, the Bank of Japan took markets by surprise (after "pre-announcing" its policy 10 hours prior during US trading hours and moving global currency, equity and bond markets) by making a significant change to its Yield Curve Control policy framework, in which…
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A Defining Week For Major Central Banks & Global Markets
The final week of July ends with the three major central banks’ policy decisions - the Fed, the ECB, and the Bank of Japan - each with their own set of issues and tools respectively, and all of which are highly interconnected with one another. However, the economic backdrop is completely unique...
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China Pushes Yuan Aggressively Higher As Corporate Bonds Implode
With the strongest daily yuan fixing since November 2022, along with state banks sustaining dollar-selling, and the adjustment of a cross border financing rule to further discourage yuan sell pressure all in combination, the People’s Bank of China was able to forcefully rally the yuan…
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Wall Street Keeps Overestimating China's Macro Data
With China's Q2 GDP and retail sales figures missing consensus estimates for yet another round of data disappointment out of China, and the PBOC injecting a mere 3 billion yuan of liquidity to their 1-year MLF operation. Weston Nakamura looks at currency and commodity markets as weakness across...
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Asia Currencies Fight Back Against The Dollar As US Inflation Cools
US inflation figures came in considerably softer than expectations, and global currencies, bonds, equities and commodities rose at the expense of the U.S. dollar. But what happens when US CPI is now below Japan CPI? What does that mean for markets (namely the yen), and the Bank of Japan’s…
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People's Bank Of China Is Running Without A Governor
In today's episode, Weston Nakamura explains the recent price action of the world's worst performing currencies in 2023: the Japanese yen's sudden surge as options on futures expire and crowded positions close, and the Chinese yuan in crisis mode as the authorities continue to urgently exercise...
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China’s Stimulus Takes A Backseat To Save The Yuan | Michael Howell
In order to get a truly expert assessment on the liquidity picture out of China, Michael Howell from Crossborder Capital joins Weston Nakamura, as they explore Weston’s thesis from the previous episode of Market Depth - China’s immediate term priority is to stop the yuan’s precipitous fall. This...
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What The Sudden Leadership Shakeup At The People's Bank Of China Is Really About
Over the weekend, the top brass at China’s central bank Yi Gang (PBOC Governor) and Guo Shuqing (PBOC Communist Party Chief) were suddenly removed from their posts after having been reappointed by President Xi Jinping less than four months ago. Meanwhile, PBOC Deputy Governor Pan Gongsheng has…
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Governor Ueda’s First International Appearance Reveals The Bank Of Japan’s Influence
Bank of Japan Governor Ueda surprisingly stole the show when making his first international English appearance since taking office at the ECB’s annual gathering of central bankers in Sintra, Portugal this week, during a live panel with fellow peer central bankers including Fed Chair Powell, ECB...
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All Eyes On The Yen Getting Crushed As Bank Of Japan’s Ueda Makes His First International Appearance
After being sidelined by coronavirus, Weston Nakamura returns to Market Depth with charts and graphics to discuss the Japanese yen edging ever closer to the critical 145 level against USD - currently the single most important market and price level anywhere, as markets are on Japan officials’...
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Are Equity Markets Starting To Price In China Risk?
Following last week's series of rate cuts that were met with tepid market response, China delivers another -10 basis point rate cut to its 1-year and 5-year Loan Prime Rates before market open today in-line with its recent measures - only this time, markets pulled sharply back. Is this the start…
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The European Central Bank Takes Shots At The Bank Of Japan
Off the heels of the June 2023 FOMC's "hawkish pause," PBOC's "catch-up cuts," ECB's "hawkish hike," and BOJ's "dovish autopilot unchanged" policies, Weston Nakamura takes a look back at a historic week of globally synchronized fragmentation among major central banks. In particular, Weston looks...
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How Are Markets Responding To China's Sudden Rate Cuts?
After months of wide-scale economic deterioration in China, the People's Bank of China and the central government are finally taking action with three waves of stimulus measures today. The PBOC first makes a surprise cut to the 7-day reverse repo rate before market open on Tuesday, followed by a...
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Why Is The Nasdaq Rallying?
The US equity market's performance, particularly in outperforming tech stocks, is not what it seems. Weston Nakamura lays out his analysis and observations on how the Nasdaq 100 Index is being driven by Japan's Nikkei 225 index. Additionally, Weston explains how the ongoing issue of weak market...
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Japan's Market Pullback Flashes Warnings For Global Markets
The sustained and incredibly resilient Japan equity rally crashed today - despite broader indices left relatively unscathed (although S&P E-Mini futures also followed Japan indices sharply downward during Asia hours). Why did this occur, and what does it mean for the world's favorite and best...
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Why The Aussie Yen Carry Trade Matters To Risk Assets
The Reserve Bank of Australia shocks markets again, hiking rates for a second consecutive time after having paused once before, and thereby setting precedence for the June FOMC next week, when the Fed is expected to “skip” a rate hike. Weston Nakamura explains the significance of the RBA’s policy...
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How Global Markets Are Responding To China's Stimulus
Following up from Friday's episode of Market Depth, Weston Nakamura reviews the global equity markets' initial reactions to China's after-hours headline for new stimulus targeted at the Chinese real estate, property and development sectors on Friday evening in Asia. The market impact was...
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Is It Too Late For China's New Stimulus Measures?
Chinese shares in the Hang Seng Index staged a massive recovery rally to end the week in which it temporarily fell into official bear market territory, and uplifted the entire region for a broad based equity market surge during the Asia trading session. Then, after Asia markets close, Bloomberg...
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When Markets De-Risk, But Not Decouple (from China)
A lousy Manufacturing PMI reading out of China pulled the Hang Seng index officially into bear market territory, sent the yuan crashing through 7.10, and seemed to have set off a broader, risk-off market move that reverberated across asset classes globally. But, did yet another piece of weak...
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Can Industry Conferences Be Used As Market Indicators?
We are in the midst of key conferences for markets - from the CLSA Japan Summit in Tokyo, to A.I. focused Computex in Taiwan, to China-themed conferences by Morgan Stanley in Hong Kong and JP Morgan in Shanghai. Weston Nakamura takes a look into using these conferences as potential near term,...
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How Did Asia Markets Respond To The US Debt Ceiling Deal?
Prior to Asia markets open, major headlines came out of Washington that a debt ceiling deal had been made - and Asia equity indices, particularly in Japan, had traded positively on the day. With the US and parts of European markets closed for holiday, Asia was the only barometer of market…
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Markets Give Up On The China Reopening
May was the worst month for markets that have bet on the China reopen theme - and this final week was particularly bad. Weston Nakamura walks through various markets - from equities, to commodities, to fixed income, and of course, the yuan, and shows how each asset class is in agreement - the…
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Nvidia Reignites A Global Rally In A.I. Stocks
Despite Fitch putting the US's credit rating on negative watch, global markets are largely brushing off debt-ceiling risk. Weston Nakamura comments on the knee-jerk market reaction to the Fitch headline of strength in the yen and in gold, and also provides color on how the largest foreign…
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Japan Finally Breaks And Takes Global Equity Markets Down
After hitting new three-decade-highs day after day, Japan's incredible equity market rally finally comes to an end. Notably, Japan's market direction, both to the upside as well as down, has been driving the broader global equity markets directionally in tandem - putting in the top tick on index...
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Is Japan About To Crash, Or Explode Higher?
While China’s PBOC leaves their Loan Prime Rates unchanged as expected, the central bank issues an official statement on Friday warning of FX market intervention, should the yuan’s precipitous decline continue. Nonetheless, the yuan continued its downside move during Monday’s Asia trading…
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Chinese Yuan Plummets, What Next?
The Chinese yuan, which had been in recent accelerated decline, hitting new year-to-date lows, has now crossed through a very key level into the 7-handle for onshore USDCNY. Furthermore, the currency's sharp move lower seems to confirm the weak macro data releases of late. Weston Nakamura…
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Hopes For Global Growth Fade As China Data Disappoints Again
China once again misses consensus estimates on three of their latest data releases today, showing weakness in retail sales, industrial production, fixed asset investment, as well as a record high 20% youth unemployment rate. Given the deluge of macro data out of China so far this month, Weston...
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Why Turkish Elections And The Lira Matter To Global Macro Markets
As the first round of Turkish general elections result in a runoff round, with President Erdogan facing his toughest political challenge yet, Turkish assets have been exhibiting volatility - as one would expect given the uncertainty. However, the one asset class that remains strangely stable…
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Navigating A Wild Week Of Market Drivers
In this week-in-review, Weston Nakamura follows up with market themes from earlier in the week. Starting with the frenzy and crash in Chinese bank stocks against a resilient Japanese equity market, Weston revisits the Japan - China market divergence call. Then, its over to Niigata Japan, where G7...
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Chinese Equities About To Break, As Japan Is About To Break Out
In today’s episode, Weston Nakamura breaks down China’s latest trade data for April, which saw strong but declining export growth, and a surprise contraction in imports - and what this says about the state of the China “re-open” theme, and the broader global demand picture. Weston also goes…
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Does The Surge In Chinese Banks Signal Trouble Ahead?
Upon returning from Golden Week holidays in Japan and China, Chinese bank shares went on an absolute tear higher, with some of the biggest lenders' stocks hitting their +10% intraday limit up on the heels of positive headlines on net interest margins. However, the bigger macro picture in China…
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Japan: The Great Global Macro Driver with Taka Kato
Weston Nakamura sits down with a special guest on Market Depth: Taka Kato, former head of trading at Bitflyer, Japan's largest crypto exchange, and trader at Goldman Sachs Japan, in a wide ranging discussion of Japan markets, policy, and global impact. Taka first gives his take on the year to…
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What Does the Reserve Bank of Australia Restarting Rate Hikes Mean For Other Central Banks?
The RBA shocked global markets when they hiked policy rates by 25 basis points for their May policy meeting, after having just paused their aggressive rate hiking cycle in the prior meeting, in order to examine the effects of their year-long measures in tightening policy. Some will interpret the...
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Foreign Investors Are Buying Japan Stocks at Record Pace
Ever since Warren Buffett's endorsement of Japan equities during his recent visit to Tokyo, weekly data from Japan Ministry of Finance shows foreign investors have been buying the most Japan equities on record. This coincides with Japan equity indices' recent outperformance relative to its...
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A Chaotic First Meeting For Bank of Japan Governor Ueda
For a "policy unchanged" outcome in-line with consensus, Bank of Japan Governor Ueda's first monetary policy meeting was a wild day for markets. Weston Nakamura walks through the chronology of the day, starting with a major pre-announcement press leak, a delayed policy release time, and an...
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Will the Bank of Japan Shock Global Markets Tomorrow?
As we head into the first Bank of Japan policy meeting under a brand new Governor Ueda tomorrow, Tokyo-based Weston Nakamura discusses the broad consensus view of a "no policy change" outcome, as Japan CPI has moderated, and market pressures have alleviated since the March meeting. However…
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The End Game Scenario for the Bank of Japan
For Day 2 of Bank of Japan Week, Weston Nakamura explains how the Bank of Japan, through years of radical and experimental easing policy, has cornered itself against markets - both in the near term with Yield Curve Control, as well as the longer term by being forced to support the world’s most...
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How Would the Bank of Japan Destroy Global Markets and Roil Central Banks?
To kick off Day 1 of Bank of Japan Week, culminating in an extremely critical first Bank of Japan meeting under new leadership in a decade, Weston first gives his takeaways on the two headlines from overnight - Sankei News’ press test of a comprehensive policy review, as well as Bank of Japan...
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Can China Offset A Global Growth Slowdown?
To round up a week of key global macro data out of Asia, Weston Nakamura provides his big picture take on the surprise upside beat in China GDP and retail sales, as well as an overview on the latest Japan inflation figures. Heading into Bank of Japan next week, Weston also provides additional...
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What Goldman's Earnings Miss is Warning Markets About
Goldman Sachs reveals an unusually weak result from their powerhouse fixed income trading division - the only one of its peers to report year-on-year declines. This is particularly strange, given the highly volatile quarter in rates markets, which typically bodes well for Goldman's trading…
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A Critical Week of Data out of Asia this Week
Weston Nakamura outlines the key macro data with global macro market implications for this week - as they all stem from the Asia region. Namely - retail sales, industrial production and GDP figures from China (and why China's "fake GDP" figures are nonetheless usefully informative), and Japan CPI...
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Who Wins When Markets Fight Policymakers?
In this week's roundup of global macro and market developments, Weston Nakamura flags key points from the World Bank & IMF Spring Meetings held in Washington D.C. this week, as IMF projects Asia to contribute to 70% of global growth for this year, Bank of Japan's brand new Governor Ueda and his...
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How I'm Trading The Inflation Data Drop
As global markets await the US CPI release for March 2023, Weston Nakamura shares a trade that he has opened this week: Long USDJPY, with the data drop as a potential market moving catalyst. Weston discusses his framework for the trade- including the unique market stance of having last Friday's…
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Warren Buffet Doubles Down on Japan
In today's Market Depth, Weston Nakamura discusses the Bank of Korea holding rates unchanged (again), a surprise decline in China CPI, as well as falling CPI - and what it may mean for PBOC policy going forward, and the Bank of Japan's first press conference under new leadership with Governor…
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Frequently Asked Questions
How many episodes does Market Depth have?
Market Depth currently has 108 episodes available on PodParley. New episodes are automatically indexed when they're published to the podcast feed.
What is Market Depth about?
Weston Nakamura’s “Market Depth” is your direct access to the Asia Pacific region. Tune in every Monday, Wednesday & Friday to stay up to date on the macro forces driving markets from Asia to the U.S and everywhere in between.
How often does Market Depth release new episodes?
Market Depth publishes regularly with 108 episodes available. Check the episode list for the typical release schedule.
Where can I listen to Market Depth?
You can listen to Market Depth on PodParley by clicking any episode. We provide an embedded audio player for direct listening, and you can also subscribe via your preferred podcast app using the RSS feed.
Who hosts Market Depth?
Market Depth is created and hosted by Blockworks.
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