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September 01, 2020 1:28pm
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Fitch Slapped: Nifty 9.5% Dividend is Discounted, Ready to Rise

Everyone hates bonds right now. Perfect—let’s buy this nifty 9.5% payer while it’s discounted! Why the sale? A bearish narrative, of course. In 2023, we have a narrative for everything , after all. Last week, the Bank of Japan (BOJ) announced it is softening “yield control” efforts for 10-year Japanese government bonds (JGBs). Inflation is finally picking up in Japan, and the BOJ is still printing money to buy JGBs. Ironic? Yes . But the BOJ, the money-printing addict, is finally admitting it has a problem. We can think of this as step two of a potential multi-step inflation recovery effort.… Read more
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