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News recently hit the worse that Japan pension fund proxies had sold record foreign stocks in November while buying record foreign bonds in the same month.

There is an offset in the repatriation advantage there for the yen here.

With Japan’s benchmark 10-year government bond yield likely to remain negative for the foreseeable future, the pressure to keep buying debt abroad will continue, even as rates fall elsewhere.

As the dollar is tailing off, purchases overseas will become cheaper for Japanese institutions.