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🚨🚨 Japan's bond market is facing its toughest year in over a decade 🔥📢
Net supply of Japanese government bonds is set to surge +8% to ¥65 trillion ($415 billion) in the fiscal year starting April, the largest increase in at least 15 YEARS 🔥📢
This comes as the Bank of Japan continues stepping back from the market 🔥📢
BoJ holdings are expected to shrink by ¥46.5 trillion next fiscal year, compared with ¥41.1 trillion in the current period, as monthly purchases are cut by more than a quarter 🔥📢
This leaves private buyers with way more issuance to absorb 📢
Meanwhile, 10-year JGB yields have surged to 2.13%, the highest since 1999 📢
Japanese government bonds already lost -6% last year, the worst performance among 40+ sovereign markets tracked by Bloomberg 👀
More supply + fewer BoJ purchases = higher borrowing costs for the world's most indebted developed nation 🔥📢
Brace for more volatility in the Japanese bond market 🔥
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