Across The Spread

Weston Nakamura
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Across The Spread is a financial markets podcast hosted by Weston Nakamura based in Tokyo, providing listeners with all of the latest developments and differentiated insights stemming from the Asia Pacific region with global, cross-asset market impact and consequence - mixed with a bit of Weston’s wit and humor. From commentary on day-to-day market activity, to long-form thematic deep dives, Across The Spread connects what is happening on the ground in Asia with broader markets in the U.S. and Europe. Be it equities, bonds, currencies or commodities, as well as critical developments on the policy front out of the Bank of Japan to China - Across The Spread takes a markets-first approach for traders, investors, and market enthusiasts around the world. Weston has a background in institutional finance as a listed derivatives trader at Goldman Sachs and equity hedge fund sales at Jefferies in Tokyo, and has been creating original content on financial markets as Global Markets Editor at Real Vision, and host of the Market Depth podcast on Blockworks Macro. Hosted on Acast. See acast.com/privacy for more information.

Episodes

  1. World's Most Dangerous Market: Japanese Government Bonds (JGBs)

    12/06/2025

    World's Most Dangerous Market: Japanese Government Bonds (JGBs)

    Weston Nakamura from Across The Spread in Tokyo gives an in-depth explanation as to how long-dated JGB yields have been directly driving US Treasury yields, what has been behind 30Y and 40Y JGB yields soaring to all time record highs, and why the Japanese Government Bond market is indeed the world’s most dangerous market, facing an incredibly dangerous moment in the hands of a tapering Bank of Japan, and a term-issuance-minded Ministry of Finance. Read: “World's Most Dangerous Market: JGBs” https://bit.ly/4kW6kp4 & “JGB Vigilantes” https://bit.ly/4kCvwRI 00:00 Intro / Most Dangerous Market 5:09 What Makes a Market Dangerous? 10:41 Why JGBs Are Dangerous? 17:44 JGBs Are Driving US Treasury Yields 20:52 Scott Bessent Impacted By JGBs 25:15 Prime Minister Ishiba “Japan is worse than Greece” 31:57 Failed JGB Auctions & MOF Term Structure Changes 37:53 Foreigners, Asset Swap Unwind, Curve Flattener Blowup 40:42 This is not a “Japan Default” 45:91 Supply vs Demand & Market Dysfunction Visit: westonnakamura.substack.com for more insights —— Support Across The Spread directly by subscribing on Substack for full access to differentiated, markets-first commentary and analysis of key developments out of Japan, China and the Asia Pacific region of overlooked consequence and impact to green and red blinking tickers across global markets. Across The Spread Substack subscribers get access to earlier and full videos, written articles, notes and chats. https://westonnakamura.substack.com Follow Weston on X: @acrossthespread acrossthespread.com

    55 min
  2. Bank of Japan Rates Now On A Knife’s Edge

    29/01/2025

    Bank of Japan Rates Now On A Knife’s Edge

    Bank of Japan January 2025 rate hike commentary and analysis summary. The Critical “BOJ 50bps Ceiling” Bank of Japan Jan’25 Meeting Markets BreakdownGovernor Ueda’s Press Conference12:42 Background Context of BOJ Rate Hikes Under Gov Ueda17:05 Governor Ueda's “One More Notch” NeededThe BOJ “Rice Price” Rate Hike“If The Outlook Is Realized, Bank of Japan Will Continue To Raise Rates” - What This Really Means Further Insights & Commentary on Jan’25 Bank of Japan: •Bank of Japan Jan’25 Rate Hike (Video) BOJ policy rate at 0.5% is now on a knife’s edge - until the next hike, or next rate move being a cut, reinforcing the 0.5% cap. https://westonnakamura.substack.com/p/bank-of-japan-jan25-rate-hike-video •It’s “Official” - Nikkei: BOJ Rate Hike to 0.5% Friday https://westonnakamura.substack.com/p/its-official-nikkei-boj-rate-hike?r=8c43a •Nikkei Leak: “BOJ Rate Hike Likely Next Week” https://westonnakamura.substack.com/p/nikkei-leak-boj-rate-hike-likely?r=8c43a —— Support Across The Spread directly by subscribing on Substack for full access to differentiated, markets-first commentary and analysis of key developments out of Japan, China and the Asia Pacific region of overlooked consequence and impact to green and red blinking tickers across global markets. Across The Spread Substack subscribers get access to earlier and full videos, written articles, notes and chats. https://westonnakamura.substack.com Follow Weston on X: @acrossthespread acrossthespread.com Hosted on Acast. See acast.com/privacy for more information.

    31 min
  3. China Blasts Stimulus As Japan Self-Destructs | Weston Nakamura & Michael Gayed

    01/10/2024

    China Blasts Stimulus As Japan Self-Destructs | Weston Nakamura & Michael Gayed

    Streamed live on Sep 30, 2024 Michael Gayed interviews Weston Nakamura once again during live market hours in Asia, as Japan implodes upon the LDP leadership election results, as Shigeru Ishiba stuns markets in a victorious runoff round against Sanae Takaichi to become Japan’s next Prime Minister. Weston discusses why NKY and USDJPY are getting idiosyncratically hammered. Meanwhile, China unleashes multifaceted stimulus measures as the biggest market development out of Asia (if not globally) in the past week - Weston and Michael discuss if this is the real-deal, or just another movie replay. For more in depth detail, charts and more, read the corresponding article for this discussion on Across The Spread Substack below: “Did Japan Market Just Fire Another Warning Shot Upon LDP Elections?” 👇 https://bit.ly/3BsDyew —— Support Across The Spread directly by subscribing on Substack for full access to differentiated, markets-first commentary and analysis of key developments out of Japan, China and the Asia Pacific region of overlooked consequence and impact to green and red blinking tickers across global markets. Across The Spread Substack subscribers get access to earlier and full videos, written articles, notes and chats. https://westonnakamura... Follow Weston on X: @acrossthespread acrossthespread.com Hosted on Acast. See acast.com/privacy for more information.

    49 min
  4. Michael Gayed & Weston Nakamura LIVE During Black Monday Japan Trading Hours

    22/09/2024

    Michael Gayed & Weston Nakamura LIVE During Black Monday Japan Trading Hours

    Filmed live on Monday August 5, 2024 during the Japan AM trading session of Black Monday 2024, the day that Japan had blown up global markets. Michael A. Gayed of The Lead-Lag Report and Weston Nakamura from Across The Spread are live, just as the NKY225 and TOPIX Indices see a stunning -12% single-day drop, with global indices across Europe and the US following suit, all thanks to a massive (continuing) surge in JPY. Michael and Weston discuss the JPY carry trade unwind, the Japan equity market meltdown, and the broader global market spillover effects underway, as well as touching on concepts like NISA flows into US equities. They also dig in to the Bank of Japan's shock rate hike at the July 2024 policy meeting that had just occurred 2 days prior to Black Monday. Read from Across The Spread: Warning For US & Europe - Japan Is Seriously Crashing Right Now For further insights and commentary on JPY and its correlation vs NDX, including a deeper look into CTAs, systematic flow behavior and more, see the corresponding article on Across The Spread Substack USDJPY: 152 - The CrowdStrike of Global Markets —— Follow Michael A. Gayed @leadlagreport leadlagreport.substack.com —— Support Across The Spread directly by subscribing on Substack for full access to differentiated, markets-first commentary and analysis of key developments out of Japan, China and the Asia Pacific region of overlooked consequence and impact to green and red blinking tickers across global markets. Across The Spread Substack subscribers get access to earlier and full videos, written articles, notes and chats. https://westonnakamura.substack.com Follow Weston on X: @acrossthespread acrossthespread.com Hosted on Acast. See acast.com/privacy for more information.

    1h 4m
  5. Yen Driven Global Markets Are Misreading Bank Of Japan

    22/09/2024

    Yen Driven Global Markets Are Misreading Bank Of Japan

    Originally aired August 8, 2024 on YouTube: Watch the episode with charts and full context at Across The Spread Official Youtube here. Weston Nakamura once again calls for "top-tick" on NKY and NDX futures, using his newly identified trading range on USDJPY, and explains how markets are severely misreading the latest out of Bank of Japan policy intent, dispelling Bank of Japan Deputy Governor Uchida's "dovish remarks" as the explanation for the global equity rally and yen sell-off during the Japan trading day, and suggests a unique angle on accelerated expectations for Fed rate cuts due to the Japan market-originated global turmoil. For further insights on the JPY carry trade, USDJPY 152, warning of Black Monday 2024 and more, visit Across The Spread Substack: Calm During The Storm: Yen Driven Global Markets Are Misreading Bank Of Japan Must Reads: Weston's urgent note sent to subscribers from Friday August 2nd warning global market participants (US, Europe) of markets crashing to come, which then occurred the following Black Monday 2024, where the NKY saw a -12% intraday plunge, and hammering global equity markets alongside. Warning For US & Europe - Japan Is Seriously Crashing Right Now Black Monday 2024 USDJPY: 152 - The CrowdStrike of Global Markets --- Support Across The Spread on Substack by becoming a paid subscriber, and get access to the full suite of exclusive written and video content to stay on top of major market themes and globally impacting developments stemming from Asia, along with original market insights and commentary. Official Substack: https://westonnakamura.substack.com/ Official Website: acrossthespread.com Official Youtube: https://www.youtube.com/@acrossthespreadYT Follow on X: https://x.com/acrossthespread Hosted on Acast. See acast.com/privacy for more information.

    44 min
  6. The Most Important Price Level In Global Markets Right Now

    22/09/2024

    The Most Important Price Level In Global Markets Right Now

    Originally aired Jul 30, 2024 on YouTube: Watch the episode on video with charts to follow along at Across The Spread Official Youtube Channel here, For further insights and commentary on JPY and its correlation vs NDX, including a deeper look into CTAs, systematic flow behavior and more, see the corresponding article on Across The Spread Substack - read here USDJPY: 152 - The CrowdStrike of Global Markets As yen strength shakes up markets, USDJPY at 152 is the world’s most consequential green & red blinking ticker price level in the immediate term as it relates to major global markets across asset classes - from DM equities to EM currencies to gold and more, according to Weston Nakamura. The most impactful “market player,” or market force, is Japan Ministry of Finance and their shift in yentervention tactic - as well as the Bank of Japan this coming week. --- Support Across The Spread on Substack by becoming a paid subscriber, and get access to the full suite of exclusive written and video content to stay on top of major market themes and globally impacting developments stemming from Asia, along with original market insights and commentary. Official Substack: https://westonnakamura.substack.com/ Official Website: acrossthespread.com Official Youtube: https://www.youtube.com/@acrossthespreadYT Follow on X: https://x.com/acrossthespread Hosted on Acast. See acast.com/privacy for more information.

    20 min
  7. The Return of Yentervention

    16/05/2024

    The Return of Yentervention

    Weston Nakamura's guest appearance on Endgame Podcast with  @peruvian_bull  discussing the Bank of Japan, Ministry of Finance and the latest round of yenterventions. Endgame Podcast: Welcome to the YenGame with Weston Nakamura (Filmed on Friday May 3rd 2024) 2:10 Background of Bank of Japan's Radical Policy Experimentation 11:45 How Yield Curve Control Ultimately Failed 19:30 Limitations To Further JGB Buying, And Unwinding 22:57 The Carry Trade 27:52 🇯🇵BOJ + 🇦🇺RBA’s Dual YCC, AUD/JPY Carry Trade, and Risk Assets in 2020 32:10 Current State of JPY Carry Trade 37:15 Japan’s Playbook: “Aggressively Waiting” & The Unknown 45:25 “Too Big To Fail Countries” - Japan’s Moral Hazard 50:45 Yentervention Week and Near-Term Markets 56:30 A Failed Yentervention: Japan’s Biggest Immediate-Term Fear 58:50 MOF Is the Most Informed Market Parcipant 1:02:55 Japan Capital Controls? 1:06:38 Asia Regional Impact: Chinese yuan & Korean won 1:17:50 US Treasuries Follow Peruvial Bull: dollarendgame.substack.com twitter.com/peruvian_bull "Japan At War With Markets (I) - Anatomy of Yentervention Week" Read full article on Across The Spread HERE ☛ https://bit.ly/44IUcks Support Across The Spread on Substack for original market insights and commentary. Follow on X: twitter.com/acrossthespread acrossthespread.com Hosted on Acast. See acast.com/privacy for more information.

    1h 12m

  8. 18/04/2024

    From D-Student with Zero Experience To Trading At Goldman Sachs: Weston Nakamura’s Story

    From my presentation to the investment club at Temple University Japan Campus on March 28, 2024. Contingency Planning: my “religion” for markets, trading, & careers (risk management)My Background: Bottom academics, no institutional experience, no markets knowledge, move to Tokyo with nothing → Goldman futures trading desk → Jefferies equity salesTrading Markets: Learn about YOURSELF WITHIN MARKETS (& not markets themselves). Pay market tuition & never take a market loss. BIG WINS are produced by: Luck + Prioritize focus, effort & intended mindset upon mitigating BIG LOSSES + LuckCareer Commentary: Preparing for the Coming Crisis of Major Widespread & Permanent Job Destruction from Disruption - the risk of specialization, expertise & experience. Contingency Planning.Q&A: Advantage of NOT being Ivy League.A big thank you to the investment club at Temple University Japan! Support Across The Spread by subscribing on Substack: https://westonnakamura.substack.com Follow Weston on X: @acrossthespread   / acrossthespread   acrossthespread.com — Video Clip: Charlie Rose 06/10/2014 Lloyd Blankfein, chairman and C.E.O. of Goldman Sachs, on the shale revolution, Wall Street, and income inequality. https://charlierose.com/videos/29860 — NONE of this is trading or career advice, or education. All views are solely that of Weston Nakamura and Across The Spread. Hosted on Acast. See acast.com/privacy for more information.

    54 min

  9. 18/03/2024

    "A World Where There Is An Interest Rate" | Grant Williams (Part 3)

    In the last of this three-part series from Across The Spread on Japan's impact on global markets with Grant Williams and Weston Nakamura, we dive into the front-and-center matter of exiting the world's last negative policy rate yield-anchor and what Bank of Japan “normalization” really means. Read on Across The Spread Substack: ➣"Dark Skies at Aozora Bank" (Feb 1, 2024) bit.ly/ats_Aozora_Bank ➣"What BOJ Thinks of Japan Wages and Negative Rates" (Mar 7, 2024) bit.ly/ats_BOJ_Wages_Prices ➣"Quick Note on Market-Moving BOJ Negative Rates Headline" (Mar 15, 2024) bit.ly/ats_Jiji_NegRate Watch all 3 episodes of Grant Williams on Across The Spread Substack (video) ▷(Part 1) The Japan Bubble bit.ly/ats_Video_G_Williams_Pt1 ▷(Part 2) Navigating the Age of "Finfluencers" bit.ly/atsVideo_G_Williams_Pt2 ▷(Part 3) Bank of Japan's Policy Normalization bit.ly/atsVideo_G_Williams_Pt3 Grant Williams is the author of THINGS THAT MAKE YOU GO HMMM..., host of the Grant Williams Podcast Series, and co-founder of Real Vision. Prior to pioneering the long-form interview format with the most interesting minds in finance, Grant’s career in institutional finance spanned various roles around the world - but started out in a wild-west corner of trading warrants in Tokyo, 1989 - at the peak of the great Japan bubble. I strongly recommend subscribing to The Grant Williams series of podcasts and his newsletter grant-williams.com - particularly as it relates to his current focus on Japan. As a subscriber myself, I have gotten enormous value out of Grant’s work. Link below for the recent episode from Grant’s podcast with Jesper Koll on Japan, as discussed. THE GRANT WILLIAMS PODCAST: JESPER KOLL (December 29, 2023) https://www.grant-williams.com/podcast/jesper-koll Follow Grant on X @ttmygh https://twitter.com/ttmygh Follow Weston on X @acrossthespread https://twitter.com/acrossthespread And if you found this content to be of any value, please support Across The Spread by subscribing to original content, and share with others who you feel may also benefit from it. As always, thank you all for your support. Hosted on Acast. See acast.com/privacy for more information.

    27 min
  10. Japan's Stock Market Crash That Never Happened | Grant Williams (Part 1)

    11/02/2024

    Japan's Stock Market Crash That Never Happened | Grant Williams (Part 1)

    Watch the full 3-part interview with Grant Williams available now on Substack: https://westonnakamura.substack.com Part 1: Bull market - 1989 vs now Part 2: Reflections on being financial “content creators” Part 3: Bank of Japan and policy normalization https://substack.com/@acrossthespread Grant Williams is the author of THINGS THAT MAKE YOU GO HMMM..., host of the Grant Williams Podcast Series, and co-founder of Real Vision. Grant’s career in institutional finance spanned various roles around the world - but started out in a wild-west corner of trading warrants in Tokyo, 1989 - at the peak of the great Japan bubble. In this part 1 with Grant Williams, he discusses his experience during the Japanese bubble. Grant also explains his bullish thesis on Japan and the importance of switching from price to value when investing. I also strongly recommend subscribing to The Grant Williams series of podcasts and his newsletter - I have gotten enormous value out of Grant’s work. Follow Grant on X Support Across The Spread by becoming a paid subscriber, and get full access to all original video and written content. Lock in current subscription prices before voluntary paid subscription ends this month: Substack @acrossthespread X @acrossthespread acrossthespread.com Hosted on Acast. See acast.com/privacy for more information.

    30 min

  11. 12/11/2023

    Bank of Japan Fires Back At Markets By Killing It's Own Yield Curve Control Policy (BOJ Series Pt.1)

    Bank of Japan's October 2023 policy change was a historic moment for global markets, as it marked the official end of providing markets with an explicit central bank "put." Produced by Weston Nakamura Music by Weston Nakamura Across The Spread Links: *Official Website https://acrossthespread.com *Substack https://westonnakamura.substack.com/about *YouTube https://www.youtube.com/@acrossthespreadYT *X (Twitter) https://twitter.com/acrossthespread Support Across The Spread: Across The Spread content is original, and available for free. If you have found genuine value in Weston Nakamura's existing work over the years and would like to support Across The Spread in covering operating expenses of running a brand new independent multimedia finance platform, please support the channel via paid subscription, or a one-off donation. Your direct support allows for more time and resources allocated to market analysis, content creation, production quality, and ultimately resulting in better, more timely and more frequent content releases. Paid subscribers and supporters of Across The Spread will get to engage and interact directly with Weston and the Across The Spread community, and ultimately have a direct stake in shaping the direction of the platform. Support by becoming a paid subscriber on Substack, or PayPal paypal.me/acrossthespread Thank you as always! Hosted on Acast. See acast.com/privacy for more information.

    33 min
  12. Introducing Across The Spread

    12/10/2023

    Introducing Across The Spread

    Introducing the launch of the Across The Spread podcast by Weston Nakamura. Across The Spread is the next chapter of the Market Depth podcast on Blockworks Macro - covering global, cross-asset markets from the lens of the Asia Pacific trading session, and how major markets are impacted by developments out of Asia. New episodes every week. Across The Spread Links: *Official Website https://acrossthespread.com *Substack https://westonnakamura.substack.com/about *YouTube https://www.youtube.com/@acrossthespreadYT *X (Twitter) https://twitter.com/acrossthespread Support Across The Spread: Across The Spread content is original, and available for free. If you have found genuine value in Weston Nakamura's previous work, and would like to support Across The Spread in covering operating expenses of running an independent multimedia platform, please consider becoming a paid subscriber. Your direct support allows for more time and resources allocated to market analysis, production quality, and ultimately better and more timely and frequent content releases. Supporters of Across The Spread will get to engage and interact with Weston and the Across The Spread community, and ultimately have a stake in shaping the direction of the platform. Support by becoming a paid subscriber on Substack, or PayPal (note - If PayPal link does not work due to "country location" error, please use paypal.me/acrossthespread Thank you as always! Hosted on Acast. See acast.com/privacy for more information.

    2 min

Trailer

About

Across The Spread is a financial markets podcast hosted by Weston Nakamura based in Tokyo, providing listeners with all of the latest developments and differentiated insights stemming from the Asia Pacific region with global, cross-asset market impact and consequence - mixed with a bit of Weston’s wit and humor. From commentary on day-to-day market activity, to long-form thematic deep dives, Across The Spread connects what is happening on the ground in Asia with broader markets in the U.S. and Europe. Be it equities, bonds, currencies or commodities, as well as critical developments on the policy front out of the Bank of Japan to China - Across The Spread takes a markets-first approach for traders, investors, and market enthusiasts around the world. Weston has a background in institutional finance as a listed derivatives trader at Goldman Sachs and equity hedge fund sales at Jefferies in Tokyo, and has been creating original content on financial markets as Global Markets Editor at Real Vision, and host of the Market Depth podcast on Blockworks Macro. Hosted on Acast. See acast.com/privacy for more information.

Information

  • Creator
    Weston Nakamura
  • Years Active
    2024 - 2025
  • Episodes
    12
  • Rating
    Explicit
  • Copyright
    © Weston Nakamura
  • Show Website
    Across The Spread