Tonbo Research · Volume I
The Snowflake
Weekly market intelligence on Japanese domestic-market watch listings, mispricings, and the spread that keeps closing. Vintage Seiko, Grand Seiko, King Seiko, Citizen — and the macro forces moving them.
The Snowflake #005
The yen closed the week at ¥159.25. That's not a flash spike. It's been range-bound at these levels long enough that Japanese sellers have normalized it. Prices on Yahoo Auctions…
Read issue →The Snowflake #004
The yen hasn't moved meaningfully against the dollar since last week. That's the story. Not the currency itself but the persistence of it. Sellers on Mercari and Yahoo Auctions…
Read issue →The Snowflake #003
USD/JPY sits at ¥159.12. That's not a tailwind anymore — it's the baseline. What matters now is where JDM sellers are still pricing like it's ¥140. The OCW-T2600 cluster this…
Read issue →The Snowflake #001
The yen traded below ¥150 for eight consecutive months through April 2026, then weakened sharply in the first week of May. Japanese sellers still anchor to the ¥140-145 regime…
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