历史次高！外资1月狂扫日债6.04万亿日元 高收益率成“吸金石”

Group 1 - Foreign investors' net purchases of Japanese government bonds in January reached 6.04 trillion yen (approximately 389 billion USD), marking the second-highest level in history, only behind the peak of 6.08 trillion yen in March 2023 [1] - The increase in bond purchases is attributed to higher yields compensating for concerns over government fiscal expansion risks, with the yield on Japanese government bonds peaking on January 20 [1][4] - Domestic investors, particularly Japanese insurance companies, reduced their holdings of ultra-long-term government bonds by 721.8 billion yen, the second-largest reduction on record, indicating a divergence in attitudes between domestic and foreign investors [4] Group 2 - Global asset management firms expect that the government under Prime Minister Kishida will not pursue reckless fiscal expansion policies, as indicated by the active allocation of foreign capital to Japanese government bonds during the yield increase phase [4] - The International Monetary Fund (IMF) stated there is no evidence that foreign investors are reducing their demand for Japanese government bonds due to fiscal concerns [6] - Foreign investors are constructing a flattening yield curve position by shorting short-term bonds and buying long-term bonds, anticipating a reduction in the issuance of ultra-long-term bonds starting in April [6]