According to The Kobeissi Letter, the market value of the Bank of Japan’s ETF holdings rose 18.5% year over year over the past six months to a record JPY 83.2 trillion, underscoring strong domestic equity momentum that traders track for positioning in Japan risk assets; Source: The Kobeissi Letter. According to The Kobeissi Letter, unrealized paper gains on the Bank of Japan’s ETF book reached a record JPY 46.0 trillion, explicitly attributed to the ongoing stock market rally, a datapoint equity and macro traders monitor for sentiment and balance-sheet risk context; Source: The Kobeissi Letter. According to The Kobeissi Letter, the surge in market value and gains highlights the scale of the Bank of Japan’s equity exposure through ETFs, a backdrop traders consider when assessing sensitivity of Nikkei 225-linked products and USDJPY to Japanese equity strength; Source: The Kobeissi Letter.