HALISTER1: RATES: Japan FY-End Selling ‘Will Be More Modest,’ JPM Says

RATES: Japan FY-End Selling ‘Will Be More Modest,’ JPM Says

(Bloomberg) -- Sales of USTs into Japanese fiscal year-end on March 31 “has been most pronounced when U.S. fixed income performance was strong,” JPMorgan strategists led by Jay Barry said in Feb. 25 note.
  • Weak performance in JPY terms (4% loss over past 12 months) has been associated with net buying of foreign bonds during last five weeks of fiscal year
  • Also, while Japanese official sector has been a net seller of USTs over past 9mos, “private resident have exhibited more stable demand”
  • On avg over past 5 yrs Japanese investors sold $13.7b of foreign bonds in week around fiscal year-end
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Jay Barry (JPMorgan Chase & Co)

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