Yes, you are both correct:
* At some point within the past ~6 (?) months Japan decided they couldn't sell their inventories down into spot any further because they'd obviously be buying it back later at a higher price
* At various points in the decade prior, Japanese utilities were selling down their inventory; at the very least they were doing it in 2013 and in 2019, & presumably were selling at some points in between too
Obviously this fact is a bullish indicator in isolation
Restart, page-39
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