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Japanese investors dump record amount of U.S. bonds in February

 

 
TOKYO (Reuters) - In late February, Japanese investors sold US dollar bonds, lowering the risk of foreign exchange rates, buying euro bond purchases, and issuing government bonds on Monday.

Investors sold 3,924 trillion yen ($ 36.68 billion) in bonds in February, but sold the euro's bonds of 1,059 trillion yen (8.06 billion euros), offering high yields after the hedge fund.

It was their fifth consecutive euro bond.

Investors have set a record low of 7.675 trillion yen ($ 71.72 billion) after October, buying 4.079 trillion yen (31.06 billion euros) of bonds.

Investors in Japan have recently lifted foreign bond investments in recent years, resulting in lower domestic bond yields as a result of monetary easing in the Bank of Japan.

However, most Japanese institutional investors do not want to fluctuate in the foreign exchange market, and often own a foreign exchange hedge of a foreign currency hedge.

Dollar interest rates on dollar interest rates are steadily increasing since 2014. In recent years, rising federation of US Federal Reserve funds have grown rapidly over recent years.

The three-month hedge expense is JPY0.17 yen or 2.5 percent against the USD. It means US $ 10YT = RR 2.80% to buy US Treasuries.

The hedge expense is expected to grow further as the Federal Reserve is expected to grow many times this year.

"As for many Japanese investors, the US Treasury is not an option," Tomoaki Shishido, a market economist at Nomura Securities, said.

Shishido investors can purchase high-interest mortgage bonds and purchase small Treasuries without currency hedges.

"But it's impossible to see what Bryce had seen before.

In 2015, they bought 16 trillion yen of bonds, which included 13.8 trillion yen, according to the Japanese Ministry of Finance.

Investors are eager to extend the euro zone debt, and the European Central Bank is hoping to accelerate its massive leverage program, which will make it easier for euro hedge funds to grow.

In February, Japanese investors bought 625 billion yen of French bonds and 291 billion yen of German bonds. In January, euro bond purchases were second-highest.




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