Lunch Break with Keith & Steve | Financial Media Has Japan Dead Wrong Artwork

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Hedgeye is an investment research and financial media company founded in 2008. Our core principles are transparency, accountability and trust. Hedgeye’s Real Conversations series, hosted by CEO Keith McCullough, brings together the brightest minds in the business to cut through the noise and discuss the financial market moves that actually matter.LEGALThe opinions expressed in Hedgeye Real Conversations are those of the individual speaking and not of Hedgeye, and should not be construed as specific investment advice.Hedgeye® is a registered trademark. All Hedegye Real Conversations are the intellectual property of Hedgeye. All rights reserved. For more information, and to subscribe, go to www.hedgeye.com.

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Lunch Break with Keith & Steve | Financial Media Has Japan Dead Wrong

August 05, 2026 • Hedgeye Risk Management

0:00 | 20:33

On Friday afternoon, after US equity markets closed, the United States government bought Japanese yen for the first time in twenty-eight years.

And every explanation we've seen from the mainstream media looks like fish floundering.

So Hedgeye CEO Keith McCullough called the money doctor. Professor Steve Hanke of Johns Hopkins has spent forty years watching governments try to outsmart currency markets, and he does not grade on a curve.

"Not only the analysts, but the financial press just have Japan completely wrong, and they've had it wrong for a long time." — Steve Hanke

In a new (hopefully) regular segment, Keith and Steve discuss the topics that Wall Street and its media are missing - or getting dead wrong.