日本债券“买方罢工” 向日本央行缩减购债敲响警钟

Group 1 - The Japanese sovereign debt market is signaling caution to the central bank regarding the reduction of bond purchases, with investors avoiding government bond auctions and yields surging [1][2] - The 20-year Japanese government bond auction recorded the weakest demand in over a decade, highlighting the market's concerns about political instability and increasing fiscal pressures [1][2] - The Bank of Japan's aggressive bond-buying program has led to the central bank holding over half of Japan's outstanding government bonds, raising concerns about the sustainability of this approach [4] Group 2 - The upcoming policy decision by the Bank of Japan on June 17 may test the current stance on bond purchases, as the Ministry of Finance plans to issue 40-year bonds [2] - The net supply of bonds has reached its highest level since 2010, driven by bond redemptions and central bank purchases, which could lead to price declines if the Bank of Japan reduces its buying [2] - Rising yields are adding new concerns for Japanese equity investors, as the stock market has already shown signs of pressure due to the increasing bond yields [2][3] Group 3 - Prime Minister Kishida has expressed reluctance to issue more bonds for budget financing, indicating uncertainty in economic measures despite the rising yields [3] - Some analysts view the recent rise in long-term yields as a potential reflection of economic normalization, which could support corporate earnings, although the overall economic fundamentals remain weak [3] - The Bank of Japan plans to reduce its bond purchase scale by 400 billion yen (approximately 2.8 billion USD) each quarter, which could lower the monthly purchase volume to about 2.9 trillion yen by the first quarter of next year [3]