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Japan, Japan, Japan, Japan, the Bank of Japan on September 27, 2021.
Toru Hanai | Bloomberg | Getty pictures
The Japanese bond market ignites the US afraid of capital flights, and a trade trading leads to the approach of long-term products to a record level.
Productivity on Wednesday, 40-year government bonds were reduced to the weakest year since July last year, according to Reuters, recorded records last week.
40-year-old government bonds of Japan gave a high height of 3.689% on Thursday, and this year is 70 key points that are more than 70 this year. This year, this year, the results of the 30-year government debt, this year, not much higher than the heights, but the 20-year debt is more than 50 points.
Japan looks like a bomb bomb. If the financial market has a confidence that traditionally has a quadrant of safe assets, the belief in the global market can go with him.
Michael Gayed
Portfolic manager in Tidal Financial Group
The bonds of the Japanese government may lead to capital repatriation with Japanese funding from the United States, Japanese investors can suddenly be the “trigger point”.
The productivity of the Japanese government bond must continue to climb, the movement is “Global Finance Market Armageddon”, “Global Strategal in Societe Generale Corporate and Investment Banking,” he said.
The higher productivity and a stronger yen, the new, CNBC will affect the local appetite to invest in the local appetite, the US technological stock, which saw the great Japanese influx, said that the newly affected as reinforced. “Investment to the United States was a very currency gain as a search of superior interest rate revenues.”
Long-term productivity, generally, when they become debt costs, the problem of fitness in global markets is strategy in the strategy of quantum strategy, he said. Japan The world’s second largest creditor increases shares. The country’s net foreign assets always reached a high level in one of 533.05 trillion yen ($ 3.7 trillion) in 2024.
“The global liquidity will reduce the growth to 1% and will fasten the material situation by increasing long-term rates and expand the bear market in most assets.”
The return of these goods to Japan is synonymous with the “end of the US exclusive” and is in Europe and China, “Roche said.
Take trading jitters
According to the main structural factor in Japan’s productive curve: Japanese life insurance companies – a source of basic demand for 30 and 40 years JGBs, according to adjustable purchase requirements, Rong Rong Gooh.
Last year with the Japanese bank, the recipients of the seminal monetary policy in turn and private players, the required discrepancy is likely to be higher productivity.
“If the sharp high JGB is attractive to return Japanese investors to home, the desires of transportation may be a loud voice in the US financial assets,” he said. The higher products tend to strengthen the currency.
20-year-old government bond productivity in the last five years
Carriers include these funds using these funds and using these funds to invest in higher productive assets abroad.
Last August, Yen-major trading began to overcome sharply The Japanese bank strengthens interest rates, Japan currency and caused an important sale in global markets.
“Japan looks like a bomb bomb.
Gayed, one of the main goals of the US management, reducing the bond productivity and to solve global trade decomers, and when the income of Japanese bonds also increases the income of Japanese bonds, damage to the junior, primarily trading.
“This can lead to many traders who cancel this short short position and then you are looking for the potential repetition of the last August.”
It will be worse in August in August, Alicia García-Herrero, Asia’s Pacific Chief Economist Natixis warned energy.
Strengthening the new capital managed new capital to reduce the exposure of houses and investors is unstable for the Japanese economy.
Yen has been strengthened by more than 8% since the beginning of the year.
Gradually open
Other analysts say the research trade may not be violent as last year.
“There is a large short-term interest rate difference, when a large transportation positions, a strong FX trend or very low FX variability,” he said.
In the second quarter of 2024, the gap between the 2-year treasury product and his Japanese counterpart was 450 main points, and now provided information provided by Amundi compared to 320 main points.
The advantage of the new abbreviation is “less clear,” he has a dollar a dollar, which means less short shorten short positions than last year.
Although “one crater in one” in August, this time will happen, most likely, the financial professor in Edhec Business School, Riccardo Rebonato, Riccardo Rebbonato, Riccardo Rebbonato.
“I see a progressive erosion in a long time,” said CNBC.
It is a structure covering an extensive US-Japan strategic association, economic, defense and geopolitical cooperation covering Japanese treasures, economic, defense and geopolitical cooperation between Japanese treasures, state Street Global Advisors.
“Thus, we see the risk of external bonds of foreign bonds by Japanese investors,” said, “we see the risk of ‘disposal’.”
In addition, foreign holdings of the US assets are more concentrated in US capital than the treasures provided by the State Street.
The United States is a larger part of the United States, about $ 18.5 trillion, and after $ 7.2 trillion in US treasures, According to Apollo’s Chief Economist Torsten Slok.
“Severe US recession or intensified American” narrative, it is likely that this is likely that the future of capital, which will start with the next corporate bonds and the future is likely to begin.
Specification: This story was updated to reflect reuters’ revised calculations in Japanese bond needs.
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