South Korea Inflation

Japan is cutting gas-fired generation, Korea is using tariff relief, and the JKM-TTF-Henry Hub spread is forcing traders to treat LNG, coal, power and inflation as one connected macro trade.

This is no longer just a Japan currency story. The same shock is running through the yen, the won, European inflation pricing, and U.S. rate expectations, making FX and rates the most important cross-market signal on the board.