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Plenty of commentary out there today re: the second largest round of monthly JGB purchases by foreigners on record during June, totalling a net ~Y4.06tn (per JSDA data). This shouldn't come as any surprise, with the data pointing to most of the demand coming in the 2- to 5-Year zone of the curve. We had previously flagged that foreigners were likely driving the bid in the space at this time, using x-ccy basis swaps to extract positive yields from the space, despite the outright negative yields in play in that zone of the curve.