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/JAPAN/AGBS: TD's Prashant.........>

US TSYS/RESEARCH
US TSYS/RESEARCH: /JAPAN/AGBS: TD's Prashant Newnaha said Japan's MoF data
released three weeks ago "showed Japanese bond buying picked up in June and
accelerated in July, placing Japanese investors net long foreign bonds for the
first time this year."
- He added that "following a significant sell down of Aussie debt in June, we
suspect Japanese interest in Aussie sovereigns is likely to be limited given 1)
the current level of the AUD and 2) FX hedged yields on 10yr ACGB and 10yr USTs
are virtually the same."
- He added that "data for June by geography showed Japanese investors were most
net short OATs and USTs, and most long bunds but positioning thin amongst other
sovereigns YTD. Based on investor data for July, we estimate that Japanese
accounts are now net long USTs for the first time this year."

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