🌍 BOJ is trapped — Japan can never raise rates and the yen keeps depreciating
Japan's 263% debt-to-GDP and a central bank holding 53% of its own government bonds mean any real rate rise makes the debt unserviceable, so the BOJ capitulated within 24 hours of the Aug-5 vol spike and effectively told the market it will never normalize. The result is continued yen depreciation, imported inflation for a resource-importing island, and the Japanese consumer paying the bill — while the ~$20T carry trade that funds US Treasuries stays on.
⚖ Why this verdict
fully deterministic — evaluate.py replays this from daily closes; nothing below is editable or hand-set
- Window: 2024-08-09 → 2025-08-09 — first mention + 12-month horizon, then the window locks.
- The call: ▼ SHORT FXY (primary play). FXY fell 1.1% over the window → direction-adjusted R = +1.1% (the call made money).
- Benchmark: holding SPY over the same window returned +21.0%
→ α = +1.1 − (+21.0) = -19.9%
— what this call made or lost against just owning the index. This is the number the verdict uses.
Stock-selection read: +22.2% — did FXY move the predicted way relative to the market. The two only differ on a SHORT: this call was right about direction relative to the index but still cost money versus holding it.
- Rule fired:
· HIT — R ≥ +10% AND α ≥ +5· PARTIAL — R ≥ +5% OR α ≥ 0▶ MISS — everything else
- Credit: supporters of a MISS earn 0 each, opposers the inverse — this feeds the scoreboard weights. supported: Friedberg, Sacks
Conviction timeline
bands: green ≥ 65 · watch ≥ 45 · ember ≥ 15
Plays vs SPY · % since first mention (2024-08-09)
Plays
| expression | symbol | kind | relevance | rationale |
|---|---|---|---|---|
| ▼ SHORT | FXY | etf | PRIMARY | direct long-yen exposure — falls as the yen depreciates further |
| ▼ SHORT | EWJ | etf | adjacent | unhedged Japan equity: USD returns get eaten by yen depreciation |
Mention log
Who built this conviction
each voice's total force on the score — supports and opposes from every mention, weighted exactly as the replay applied them · share = % of all mention-driven movement
⏳ decay drained -51.2 over the idea's life — that's time passing, attributed to no one
Score events
| episode | kind | Δ | after | note |
|---|---|---|---|---|
| E191 2024-08-09 | init | +47.2 | 47.2 | E191 born by Sacks (explicit_prediction x3) [w=1.12] |
| E191 2024-08-09 | reinforce | +13.2 | 60.4 | E191 Friedberg support x3 (new voice) [w=0.93] |
| E192 2024-08-16 | decay | -2.4 | 58.0 | E192 silent |
| E193 2024-08-23 | decay | -2.3 | 55.7 | E193 silent |
| E194 2024-08-30 | decay | -2.2 | 53.5 | E194 silent |
| E195 2024-09-06 | decay | -2.1 | 51.3 | E195 silent |
| E196 2024-09-20 | decay | -2.1 | 49.3 | E196 silent |
| E197 2024-09-27 | decay | -2.0 | 47.3 | E197 silent |
| E198 2024-10-03 | decay | -1.9 | 45.4 | E198 silent |
| E199 2024-10-11 | decay | -1.8 | 43.6 | E199 silent |
| E200 2024-10-18 | decay | -1.7 | 41.8 | E200 silent |
| E201 2024-10-25 | decay | -1.7 | 40.2 | E201 silent |
| E202 2024-11-01 | decay | -1.6 | 38.6 | E202 silent |
| E203 2024-11-08 | decay | -1.5 | 37.0 | E203 silent |
| E204 2024-11-16 | decay | -1.5 | 35.5 | E204 silent |
| E205 2024-11-23 | decay | -1.4 | 34.1 | E205 silent |
| E206 2024-12-07 | decay | -1.4 | 32.8 | E206 silent |
| E207 2024-12-13 | decay | -1.3 | 31.4 | E207 silent |
| E208 2024-12-20 | decay | -1.3 | 30.2 | E208 silent |
| E209 2025-01-04 | decay | -1.2 | 29.0 | E209 silent |
| E210 2025-01-11 | decay | -1.2 | 27.8 | E210 silent |
| E211 2025-01-18 | decay | -1.1 | 26.7 | E211 silent |
| E212 2025-01-25 | decay | -1.1 | 25.6 | E212 silent |
| E213 2025-01-31 | decay | -1.0 | 24.6 | E213 silent |
| E214 2025-02-07 | decay | -1.0 | 23.6 | E214 silent |
| E215 2025-02-15 | decay | -0.9 | 22.7 | E215 silent |
| E216 2025-02-21 | decay | -0.9 | 21.8 | E216 silent |
| E217 2025-03-01 | decay | -0.9 | 20.9 | E217 silent |
| E218 2025-03-08 | decay | -0.8 | 20.1 | E218 silent |
| E219 2025-03-15 | decay | -0.8 | 19.3 | E219 silent |
| E220 2025-03-22 | decay | -0.8 | 18.5 | E220 silent |
| E221 2025-03-29 | decay | -0.7 | 17.8 | E221 silent |
| E222 2025-04-05 | decay | -0.7 | 17.0 | E222 silent |
| E223 2025-04-11 | decay | -0.7 | 16.4 | E223 silent |
| E224 2025-04-19 | decay | -0.7 | 15.7 | E224 silent |
| E225 2025-04-26 | decay | -0.6 | 15.1 | E225 silent |
| E226 2025-05-02 | decay | -0.6 | 14.5 | E226 silent |
| E227 2025-05-09 | decay | -0.6 | 13.9 | E227 silent |
| E228 2025-05-17 | decay | -0.6 | 13.3 | E228 silent |
| E229 2025-05-24 | decay | -0.5 | 12.8 | E229 silent |
| E231 2025-06-13 | decay | -0.5 | 12.3 | E231 silent |
| E232 2025-06-21 | decay | -0.5 | 11.8 | E232 silent |
| E233 2025-06-28 | decay | -0.5 | 11.3 | E233 silent |
| E234 2025-07-04 | decay | -0.5 | 10.9 | E234 silent |
| E235 2025-07-11 | decay | -0.4 | 10.4 | E235 silent |
| E236 2025-07-19 | decay | -0.4 | 10.0 | E236 silent |
| E237 2025-08-01 | decay | -0.4 | 9.6 | E237 silent |
| E238 2025-08-09 | decay | -0.4 | 9.2 | E238 silent |