The Japan recovery story has gained a lot of traction in recent months, leading seasoned Japan watchers to conclude that it is almost becoming the consensus view. It’s sure to be a major investment theme in 2018. Today we highlight a note from Japan Macro Advisors where they review the latest data release on the Japan’s output gap. We also continue our coverage on the yield curve and the signals its changing shapes sends to the market, and explore some of the drivers of the recent flattening. We also revisit the theme of Greek banks with a lengthy feature from RealVision TV, that is well worth watching. Oil analysts are on tenderhooks awaiting the latest news flow from Vienna, so we highlight a fascinating interview between Hedgeye’s Joe McMonigle and former OPEC President Chakib Khelil that addresses the geopolitical risk from Saudi leadership transition, supply cuts and market balance, and demand forecasts for the upcoming year. Khelil argues that a 9-month extension is required to balance the market in the second half.