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JAPAN: VIEW: BofA research notes that "the new fiscal year has started with
lower yields for lower risk assets and wider credit spreads on higher economic
uncertainty compared to FY19. We think some Japanese money will flow back to
JGBs while investment in foreign bonds will be contained. We expect the trend of
investment into foreign equities and alternative asset classes to continue. We
think pension funds are moving back to a normal rebalancing mode. In 1Q20,
Japanese trust accounts bought a record Y4.0tn in foreign bonds with buying
concentrated in January and February. This was likely because public pension
funds, notably the Government Pension Investment Fund, needed to increase
foreign bond exposure before the scheduled announcement of the new model
portfolio at the end of March. Since then, foreign bond purchases by Japanese
investors have slowed."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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