July 10: Repatriation Encouragement Sees JGBs Rally: Global Macro Commentary | North America

Research evidence excerpt

July 10: Repatriation Encouragement Sees JGBs Rally: Global Macro Commentary | North America

Update

July 10, 2026 10:11 PM GMT

Morgan Stanley & Co. LLCMGlobal Macro Commentary | North America Molly Nickolin

Strategist

July 10: Repatriation Molly.Nickolin@morganstanley.comLingdi Xu +1 212 761-3592

Economist

Lingdi.Xu@morganstanley.com +1 212 761-2957

Encouragement Sees JGBs Rally Sofia Palacios

Sofia.Palacios@morganstanley.com +1 212 761-0428

Japanese Finance Minister encouraged pension funds to invest

Morgan Stanley Asia Limited+

domestically; US front-end yields rose as hike premium rebuilt; Gek Teng Khoo

Brazil CPI surprised lower; LatAm FX outperformed; S&P 500 StrategistGek.Teng.Khoo@morganstanley.com +852 3963-0303

gained 0.4%; DXY at 100.97 (+0.1%); US 10y at 4.56 (+1.0bp).

Morgan Stanley MUFG Securities Co., Ltd.+

Hiromu UezatoPotential Japanese pension repatriation supported JPY and JGBs, while resilient

risk appetite, lower oil, and firmer Fed pricing produced a mixed cross-asset Hiromu.Uezato@morganstanleymufg.com +81 3 6836-8431

session.

Morgan Stanley India Company Private Limited+

Nimish M Prabhune

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matters a great deal to us. If you have found our research helpful, we would greatly Nimish.Prabhune@morganstanley.com +91 22 6996-1862

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Developed Markets

• US rates twist-flattened as investors added near-term Fed hike premium