分析师：日债市场面临的挑战是“技术性的”而非“结构性”

Core Viewpoint - The challenges facing the Japanese government bond market are characterized as "technical" rather than "structural" [1] Group 1 - Analyst Masahiko Loo from State Street Global Advisors indicates that the issues can largely be resolved through adjustments in issuance volume or composition [1] - Concerns regarding the loss of control at the ultra-long end of the yield curve are considered exaggerated, with approximately 90% of Japanese government bonds held domestically [1] - The phrase "do not fight the Bank of Japan/Ministry of Finance" remains a strong pillar in the market [1] Group 2 - Any significant supply-demand imbalance is viewed more as a timing mismatch issue, representing a technical misalignment rather than a fundamental flaw [1]