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Two things I have been working on tonight:

1. The economic “canary in the cage” is Japan. They are the most stressed and they will be the first tell.

2. Bitcoin is now the global financial cache, it moves first because it is the most liquid. It also recovers first.

Whats your summary about Japan? What is stressed there?

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Their debt is 230% of GDP the highest in the first world.

Bond yields have risen recently, despite this, they had the worst quarter bond sales since 1987.

They own $1.1 trillion of US debt.

Does it matter though? Just higher inflation.

As an indicator, yes.

Today on Kobeissi Letter:

But nothing has really changed. No bonds default, coupon payments made. Whats the issue? Only a small number are traded than held to maturity anyway?

They are an indicator, that is all.