LOS ANGELES, Feb. 24, 2023 - Contrary to its reputation for aggressively accommodative monetary policy, the impact of the Bank of Japan's policies has been a "stealth tightening," DoubleLine Global Bond Strategy Portfolio Manager Bill Campbell writes in a new paper. The result, Mr. Campbell warns, is a sell-down of Japan's massive, invested savings in foreign financial assets, compounding the drain of global liquidity under quantitative tightening (QT) by the world's central banks.

To read the paper, titled "Liquidity Riptide: Japanese Capital Repatriation and QT," please click on the following link: https://doubleline.com/wp-content/uploads/Japan-Liquidity-Rip-Current_Campbell_2-2023.pdf

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SOURCE DoubleLine