长期日债收益率创1999年来新高，日企避雷长债埋隐患

Group 1 - Concerns over fiscal expansion and weakening investor demand, combined with rising US Treasury yields, have led to a surge in long-term Japanese government bond yields to multi-decade highs [1][4] - The 20-year Japanese government bond yield reached 2.655%, the highest since 1999, while the 30-year yield climbed to 3.185%, nearly matching its peak from May [4] - Japan's public debt exceeds 260% of GDP, with core inflation consistently above the Bank of Japan's 2% target for seven months, prompting expectations of a shift in monetary policy [4][5] Group 2 - Domestic investors, including life insurance companies, have reduced their holdings of Japanese government bonds by 1.35 trillion yen since October 2024, indicating a retreat from the market [5] - Foreign investment in long-term Japanese bonds has also decreased significantly, with net purchases dropping to 480 billion yen in July, one-third of the previous month’s level [5] - The rising yields have led Japanese companies to avoid issuing long-term bonds, with approximately 75% of bond issuances this fiscal year concentrated in maturities of five years or less [7] Group 3 - The trend of issuing short-term bonds may limit immediate interest costs but increases refinancing risks and management expenses for companies [7] - Analysts suggest that the rising bond yields could suppress corporate investment and household spending, impacting Japan's economic growth [9] - The increase in long-term bond yields may also affect global equity markets, as higher borrowing costs could lead to a shift in investor sentiment [9]