Investment firms are positioning for a potential repatriation of Japanese investor cash out of US Treasuries and back into Japanese government bonds, as domestic yields surge to record highs.
The yield on the benchmark 10-year JGB rose to 2.73 per cent during trading on Friday — its highest level since May 1997 — with investors increasingly convinced that rising inflation will prompt the Bank of Japan to raise its policy interest rate by a quarter point to 1 per cent in June.
The yield on the 30-year JGB hit 4 per cent for the first time since the bond was first issued in 1999. The yields on 5-year and 20-year bonds both hit record highs earlier this week. Yields move inversely to prices.
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