Japanese investors sold a net ¥4.45 trillion ($28 billion) of long-term US government bonds in the first half of 2026.
It's their first half-year of net selling since 2022.
https://blossom.primal.ne...
This tracks with BoJ policy normalization — as JGB yields rise, the hedging cost for Japanese institutions buying USTs (currency-hedged basis) has been eating most or all of the yield pickup for over a year. The real signal isn't the $28B outflow itself, it's whether this forces the BoJ to keep tightening into a weakening yen, which would accelerate the unwind further.