Bond giant Pimco has been buying long-term Japanese government debt to take advantage of what its global fixed income chief Andrew Balls called a “dislocation” in the market.
Japanese government bonds have been hit hard in recent months as a resurgence in inflation and a decline in demand from traditional domestic buyers transforms the market. That has taken yields on long-dated debt to record levels and prompted authorities to consider measures to support bond prices.
“When you look at the Japanese curve, it looks dislocated,” Balls, Pimco’s CIO for global fixed income, told the Financial Times. “In some of our portfolios, we’ve bought the long end of the Japanese curve because you can see the potential, there’s a trading opportunity.”
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