As domestic yields stay at multi-decade highs, Japanese institutions will keep shifting new money from foreign bonds into Japanese government debt, removing a large marginal buyer from global long-dated bond markets and pushing term premiums abroad higher.
forming · confidence 40 · Emerging (watchlist) · tracking since October 14, 2026 · updated October 14, 2026
Japanese banks and insurers are buying domestic government bonds again while 30-year JGB yields stay above 4%. Those yields now pay enough to pull new money home that would otherwise go into foreign duration. MUFG's possible majority stake in India's Shriram Finance shows outbound flows are continuing into equity and strategic assets rather than foreign bonds.
Supporting · October 14, 2026
Japanese banks and insurers buy domestic bonds again as 30-year yields stay above 4%
Japanese banks and insurers are buying domestic government bonds again while 30-year JGB yields stay above 4%. Those yields now pay enough to pull new money home that would otherwise go into foreign duration. MUFG's possible majority stake in India's Shriram Finance shows outbound flows are continuing into equity and strategic assets rather than foreign bonds.
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