Foreign investors sold Japanese bonds for the first time since end of March - BBH

Research Team at BBH, notes that for the first week since the end of March, foreign investors sold Japanese bonds in the week ending June 17, according to the MOF's weekly data. 

Key Quotes

“Over the past 11 weeks, foreign investors bought an average of JPY365 bln of Japanese bonds a week. The selling could be simply normal profit-taking within the large accumulation, which would hypothesize new buying. Alternatively, if part of the buying of negative yielding JGBs was as a proxy for the yen, the liquidation could be an early sign that profit-taking on long yen exposure.”