Japanese zoom in on overseas bonds as local yields dive

Singapore

JAPANESE investors purchased the most overseas bonds ever last week as local yields plunged to uncharted levels below zero, helping drive a record-setting rally in US Treasuries.

Fund managers in Japan scooped up a net 2.55 trillion yen (S$32.4 billion) of medium and long-term debt outside the nation in the period, the Ministry of Finance said on Thursday in its weekly report on investment trends. It was the most ever, based on the ministry's data, which also show Treasuries are their favoured assets.