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    <title>The Snowflake — Tonbo Research</title>
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    <description>Weekly JDM watch market intelligence. Vintage Seiko, Grand Seiko, King Seiko, Citizen — arbitrage opportunities and macro analysis.</description>
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    <lastBuildDate>Fri, 12 Jun 2026 06:00:03 +0000</lastBuildDate>
    <item>
      <title>Issue 05: The Snowflake #005</title>
      <link>https://tonbomarket.com/issues/5</link>
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      <pubDate>Sun, 31 May 2026 00:00:00 +0000</pubDate>
      <description>The yen closed the week at ¥159.25. That&#x27;s not a flash spike. It&#x27;s been range-bound at these levels long enough that Japanese sellers have normalized it. Prices on Yahoo Auctions and Mercari reflect what things sold for six months ago, not what a Western buyer can extract today. That lag is the…</description>
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    <item>
      <title>Issue 04: The Snowflake #004</title>
      <link>https://tonbomarket.com/issues/4</link>
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      <pubDate>Mon, 25 May 2026 00:00:00 +0000</pubDate>
      <description>The yen hasn&#x27;t moved meaningfully against the dollar since last week. That&#x27;s the story. Not the currency itself but the persistence of it. Sellers on Mercari and Yahoo Auctions are still pricing to the domestic floor. Landed costs stay compressed. The spread between JDM and US comps keeps widening…</description>
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    <item>
      <title>Issue 03: The Snowflake #003</title>
      <link>https://tonbomarket.com/issues/3</link>
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      <pubDate>Sun, 24 May 2026 00:00:00 +0000</pubDate>
      <description>USD/JPY sits at ¥159.12. That&#x27;s not a tailwind anymore — it&#x27;s the baseline. What matters now is where JDM sellers are still pricing like it&#x27;s ¥140. The OCW-T2600 cluster this week is one answer. Five of the five top finds this week are the same model family, which isn&#x27;t editorial laziness. It&#x27;s…</description>
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    <item>
      <title>Issue 01: The Snowflake #001</title>
      <link>https://tonbomarket.com/issues/1</link>
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      <pubDate>Sun, 10 May 2026 00:00:00 +0000</pubDate>
      <description>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 that held through most of 2025. Western buyers anchor to grey-market comps priced when USD/JPY traded near ¥148. The…</description>
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