One Hour of Macro Episode 2: Japan Macro Myths Debunked with Takuji Okubo

Japan is one of the most misunderstood economies in global macro. In this episode of One Hour of Macro, hosts Zoltan Szelyes and Martin Tixier talk with Takuji Okubo, founder of Japan Macro Advisors and a veteran Japan economist with three decades of experience across Goldman Sachs, Merrill Lynch, and Société Générale.

They break down why Japan's headline 250% debt-to-GDP ratio overstates its fiscal risk, how the Bank of Japan's (BOJ) equity ETF holdings have offset bond losses from quantitative easing, why Japan's interest burden is the lowest among heavily indebted G7 nations, and what the GPIF's shift back toward yen assets could mean for global capital flows and the yen's long-term trajectory.