🇯🇵 Japan may be entering a new market regime. The correlation between the Japanese Yen and the TOPIX has turned positive for the first time since 2005 meaning both the Yen and equities are rising together. Over the past year, the Yen strengthened ~+1% vs USD, while TOPIX rallied ~+38%. Historically, this alignment has appeared during secular bull phases (e.g., Japan 1980s, Germany late-80s/90s, China early-2000s). Japan is worth watching closely. 📈🇯🇵

🇯🇵 Japan may be entering a new market regime.

The correlation between the Japanese Yen and the TOPIX has turned positive for the first time since 2005 meaning both the Yen and equities are rising together.

Over the past year, the Yen strengthened ~+1% vs USD, while TOPIX rallied ~+38%.

Historically, this alignment has appeared during secular bull phases (e.g., Japan 1980s, Germany late-80s/90s, China early-2000s).

Japan is worth watching closely. 📈🇯🇵