Takafumi Yamawaki

Phoebe White, Head of US Inflation Strategy at J.P. Morgan, anticipates a $1.96 trillion U.S. deficit and rising Treasury needs, while discussing T-bills' role and coupon increases. Aditya Chordia explains record euro-area gross issuance, primarily from Germany, despite stable net figures. Takafumi Yamawaki analyzes Japan's disciplined fiscal stance and its JGB issuance amid market burdens from BOJ adjustments. Ben Jarman highlights Australia's improving fiscal outlook and issuance cuts while looking at New Zealand's contrasting recovery trajectory.