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Barclays notes that: - Data by investor in.....>

JGBS: Barclays notes that:
- Data by investor in the super-long sector revealed that city banks were
sellers for a third consecutive month in June, logging a net sale of Y10bn.
Insurers, on the other h&, bought a net Y285bn, slowing their purchases somewhat
from May, but still exceeding last fiscal year's pace. We expect the return to
JGBs linked to deteriorating yields on FX-hedged USTs to continue to support the
superlong sector. Trust banks accelerated their net purchases (to Y175bn) &
regional banks switched to buying, albeit marginally (Y21bn). Foreigners
purchased a net Y217bn, remaining buyers for a 5th consecutive month.
- In the long-term sector, city banks turned sellers, selling a net Y407bn.
Regional banks & shinkin banks also logged net sales (Y53bn & Y35bn,
respectively). Meanwhile, foreigners logged a net purchase of Y718bn & trust
banks switched to buying with a net purchase of Y78bn.
- In the short/medium-term sector, foreigners logged a net purchase of Y1.25tn.
Meanwhile, city banks turned sellers with a net sale of Y563bn; trust banks
continued to sell & agricultural institutions sold for a 2nd straight month.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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