Everyone's treating [Japan's $1.8 trillion pension repatriation](https://www.marketwatch.com/story/japans-1-8-trillion-pension-giant-might-bring-money-home-that-could-jolt-u-s-stocks-and-the-fed-908c66d5?mod=mw_rss_topstories) as a domestic equity tailwind. Wrong frame. If GPIF is bringing $1.8T home, they're *reducing* dollar exposure, which signals conviction that the yen is finally too cheap relative to yields *and* that U.S. returns aren't justifying the currency risk anymore.

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