Core Viewpoint - The article discusses the significant influence of American capital on the Japanese financial market in 2024, highlighting a strategy of acquiring Japanese assets using Japanese funds, amidst a backdrop of yen depreciation and a zero interest rate policy [3][5][19]. Group 1: Economic Context - The depreciation of the yen and the Bank of Japan's commitment to a zero interest rate policy have created opportunities for American capital to exploit weaknesses in the Japanese economy [5][7]. - By early 2024, the exchange rate shifted dramatically from 115 yen per dollar to over 160 yen per dollar, marking a historical low for the yen [5][7]. Group 2: Capital Acquisition Strategies - American capital utilized "Samurai bonds," which are low-interest bonds issued in yen, with a total issuance exceeding 2 trillion yen at a nominal interest rate of only 1% [7][9]. - The primary buyers of these bonds were Japanese institutional investors and the general public, allowing American capital to acquire Japanese savings at minimal cost [7][9]. Group 3: Mergers and Acquisitions - In 2024, American capital's total mergers and acquisitions in Japan reached 10 trillion yen, effectively using Japanese savings to purchase high-quality domestic assets [9][11]. - Following acquisitions, American firms engaged in asset stripping and profit transfer, extracting cash reserves and annual profits from the acquired companies [9][11]. Group 4: Economic Consequences - By the end of 2024, American capital had extracted 10 trillion yen in cash returns from Japan, completing a cycle of capital extraction that left the Japanese public largely unaware [11][19]. - Japan's government debt has reached 260% of GDP, limiting its ability to intervene in capital flows, while the short-term benefits of yen depreciation mask deeper economic issues [13][19]. Group 5: Inflation and Consumer Impact - Japan is experiencing high inflation, which is straining household budgets and reducing consumer spending, despite superficial signs of economic recovery [15][17]. - Major Japanese companies are facing challenges in overseas operations, with some, like Toyota, suing the U.S. government over unfair taxation, impacting their international investment rights [15][17]. Group 6: Future Outlook - The Bank of Japan may need to reassess its monetary policy in response to inflation, with expectations of interest rates rising to 0.75%, which could lead to capital withdrawal and increased market volatility [17][19]. - The article emphasizes the need for Japan to balance capital flow with national interests, as over-reliance on international capital could lead to economic instability [17][19].

// 债市综述 // 1. 公开市场操作 央行2月27日以固定利率、数量招标方式开展了2150亿元7天期逆回购操作，操作利率为1.5%。Wind数据显示，当日1250亿元逆回购到期，据此 计算，单日净投放900亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 临近月末，银行间市场周四资金面仍偏紧且价高，存款类机构七天回购加权利率走升，非银机构质押信用债融入隔夜在2.2%一线，可跨月的七天期 资金报价走高至2.4%-2.45%。 海外方面，最新美国隔夜融资担保利率为4.33%。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在2.02%附近，较上日略有上行。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率普遍上行2-4bp | | 1Y | 2Y | ЗУ | SY | 7Y | 10Y | 超长债 | | --- | --- | --- | --- | --- | --- | --- | --- | | 国债 | 1.5100 A4.00 | 33 1.5200 A4.00 ...