The final week of July ends with the three major central banks’ policy decisions - the Fed, the ECB, and the Bank of Japan - each with their own set of issues and tools respectively, and all of which are highly interconnected with one another. However, the economic backdrop is completely unique this time - as Japan now has a higher inflation rate than the US, while still in easing mode. Would the Bank of Japan really begin tightening monetary policy, just as the Federal Reserve, the European Central Bank and others are finished? Just a hint of policy convergence, particularly between the ECB and the Bank of Japan, can have significant, widespread market impact. Weston Nakamura begins the episode with an update on the PBOC’s daily fixing of the Chinese yuan exchange rate. He then discusses the Bank of Japan once again leaking their own policy through media outlets ahead of the official policy meeting. And finally, Weston takes a look across various markets globally, and assesses what may occur if sentiment around policy divergence shifts to policy convergence. -- Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm Follow Weston: https://twitter.com/acrossthespread Follow Blockworks: https://twitter.com/Blockworks_  Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.