Macro Strategy Insight

研报英文原文证据摘录

Macro Strategy Insight

Global Markets Research

22 July 2026Macro Strategy Insight

Macro Strategy - Japan

Research Analysts

June JSDA bond transactions and investor trends Strategy

Naka Matsuzawa - NSCSuper-long zone continues to steepen despite life and non-life insurers' naka.matsuzawa@nomura.com

buying, possibly due to selling by foreign investors +81 3 6703 3864

• In June, the yield curve bear steepened in the super-long end, with super-longs

richening against swaps.

• Pension funds were the primary buyers of super-longs, and while buying by foreign

investors was also high, it did not exceed their standard pace.

• Life/non-life insurers and regional banks/agricultural financial institutions sold super-

longs again and continue to liquidate positions.

• City banks have started to buy intermediates, not just long-term bonds.

In this report, we analyze recent investor trends based on the June JSDA bond transaction

data (Figures 1 and 2). This author was particularly struck by: (1) life/non-life insurers'

buying of super-longs ; (2) trust banks' (pensions') buying of super-longs and selling of

long-term bonds; (3) foreign investors' selling of super-longs and buying of long-term

bonds; and (4) regional banks/agricultural financial institutions' selling of super-longs. In

this same month, the JGB and JPY swap yield curves steepened and asset swaps

improved in all maturities. Flows (1) and (2) run counter to the steepening and richening

against swaps, while flows (3) and (4) are consistent with this. The yield curve continued

to steepen in June despite buying by major domestic investors such as life/non-life

insurers and trust banks, which suggests that foreign investors play an increasingly

important role in absorbing issuance in this part of the curve.