BOJ pivot no fright for euro zone bonds [Reuters]
SUMITOMO MITSUI TR S/ADR (SUTNY)
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Source: Reuters
zone markets where they're a big force but could ironically prop up demand instead as ECB rate cuts loom. Stuck with negative rates for two decades, Japanese investors have ploughed into bond markets globally. They are the biggest foreign holders of U.S. Treasuries , opens new tab They also have a sizeable presence in the euro zone, where they hold around 1% of the overall bond markets in countries like France, Belgium and the Netherlands, BofA estimated last year. With French governments bonds a top pick, their share of that market is likely higher. So, a Bank of Japan decision to hike rates for the first time in 17 years is, on the surface, bearish for European bonds given the bloc's funding needs are high and the European Central Bank is cutting its bond holdings. But hold on. The good news, analysts say, is the worst was likely over before the BOJ even considered raising rates. Since April 2022, Japanese investors have shed half the French, German, Italian and Dutch
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