🐋 WHALE WATCH : Japan is leveraged to the teeth. Margin debt in Japanese stocks just hit ¥7.02 Trillion ($43B) the highest level seen since 1990. For historical context 1990 was the literal peak of Japans massive asset bubble. What you need to know: => The Drivers: Traders are taking on near record debt to chase stock momentum. => The Upside: Borrowed capital acts as rocket fuel driving violent upside rallies. => The Downside: Leverage is a double edged sword. A single sharp pullback risks triggering a wave of margin calls forced liquidations and a brutal market unwind. Keep a close eye on Tokyo.(Whale Factor)