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BONDS: *** Recent reports have highlighted that FX-hedged 10-Year U.S. Tsy
yields from a Japanese investor's perspective have been eclipsed by nominal
10-Year JGB yields. As we have highlighted prev. this has been the case since
mid-Aug, on the back of a move in USD hedging costs & the BoJ's tweak to its YCC
method. The latest round of semi-annual Japanese pension fund & lifer investment
intentions generally pointed to a growing preference for unhedged foreign bond
holdings, with many highlighting that they would happily invest in 30-Year JGBs
at a yield of 1.0% (last 0.891%). 10-Year JGB yields are relatively equal to
FX-hedged Aussie & UK 10-Year yields from a Japanese investor's perspective at
present. 20-Year JGB yields remain somewhat higher than FX-hedged 10-Year German
yields from a Japanese investor's perspective. 30-Year JGB yields sit just below
FX-hedged 10-Year French yields from a Japanese investor's perspective.
- Chart: 10-Yr JGB yield vs. FX hedged U.S., UK & AU 10-Yr yields from Japanese
investor's perspective. https://https://tinyurl.com/yc9uazln (link changed)
- Chart: 20- & 30-Yr JGB yield vs. FX hedged German & French 10-Yr yields from
Japanese investor's perspective. https://tinyurl.com/y8sj7j28 (link changed)