good night

grenades

frozen tundra

tora tora tora

courtesy of phoenix capital research

https://www.zerohedge.com/news/2023-10-25/are-we-about-witness-first-major-central-bank-failure-decades

unlimited intervention by the japanese central bank to keep bond yields under 1%. these stories end the same way. 

the good news is that overseas assets tied to the japanese carry trade (borrow, sell yen, buy other stuff) are marked to market at quarter end higher. then there are the 75 trillion in otc and 8 trillion in exchange traded derivatives that are zero sum for someone.

tora tora tora

drain being circled

dribbles

pruning

tub is draining