Japanese investors sell overseas debt on Fed hike expectations

Singapore

JAPANESE investors sold overseas debt for the first time in seven weeks as the Federal Reserve moved closer to raising interest rates.

Fund managers cut holdings of bonds outside the nation by a net 549.4 billion yen (S$6.95 billion) in the week ended May 27, the Ministry of Finance said on Thursday in its weekly report on investment trends. Those are the first sales since the period ended April 8.