Today we look at the extension of the powerful boost to Japanese equities overnight after the announcement late last week that PM Suga intends to resign. We also discuss US treasury yields as a risk to this extremely risk-on market as a trio of important treasury auctions are set for this week after the Friday sell-off in treasuries despite a weak headline US August payrolls change number. In commodities, the focus is on multiplying supply side constraints in natural gas and metals. Today’s pod features Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.