Barclays note that "super-long flows...........>

JGBS: Barclays note that "super-long flows differed sharply by investor in July

as yields surged on speculation around BoJ policy tweaks. Insurers logged a net

purchase of Y502bn, the largest since Mar '17. FIs for agriculture & forestry

bought a net Y482bn, the most since Feb '15 & city banks purchased a net Y58bn,

turning buyers for the first time in 4 months. Meanwhile, foreigners logged a

net purchase of only Y13bn, taking a breather from the heavy buying seen since

Feb. Trust banks sold a net Y569bn, the most since Jan 15. Flows also differed

by investor in the long-term sector. Foreigners logged a net purchase of Y436bn,

sharply exceeding the buying of other investors, while regional banks bought a

net Y308bn, the most since Oct '16 & Second regional banks and shinkin banks

bought a net Y67bn & Y126bn, respectively. Meanwhile, city banks were sellers

for a 2nd consecutive month, logging a net sale of Y703bn, the most since Aug

'17. Foreign buying stood out in the short/medium-term sector. Foreigners logged

a net purchase of Y1.034tn, exceeding the Y1.0tn threshold for a 2nd straight

month. Also, trust banks bought a net Y317bn, turning buyers for the 1st time in

4 months, as investment trusts switched to net buying of JPY151bn."