Hayes posted a new article on his substack a few days ago, and I recommend you read it if you haven’t already. Like many of Hayes’ writing these days, the post is very macro-focused, this time on the crisis surrounding the yen. 

The recent decline in the yen against the USD and CNY has set off alarm bells. This significant devaluation poses a serious challenge for China, Japan, and the USA in Hayes’s estimation. A cheap yen paves the way for Japanese exports to rival Chinese goods in international markets. China, grappling with deflation triggered by its housing market collapse, relies on increased manufacturing and exports to stave off deflation. However, the devalued yen has tilted the