引人注目的相对价值图表：日本国债收益率在海外实际资金投资者中失去吸引力【固定收益评论】

关键论点

• 对日本国债稳定吸纳至关重要的海外真实资金投资者，日本国债收益率吸引力近期已下降。
• 扣除外汇对冲成本后，无论短期还是全期限对冲，日本国债相对主要国家政府债券的吸引力整体下降，尤其是10年期。
• 下降原因是其他主要政府债券收益率上升快于日本国债；全期限对冲下，美元/日元负基差收窄也有贡献。
• 即便与美国国债相比，货币对冲后日本国债收益率吸引力（尤其10年期）也已下降；关注点转向FY27国债发行计划。

对应原文证据

1. 1 As the BoJ’s holdings of JGBs continue to decline, and due in part to the impacts of various regulations, it is unlikely that domestic financial institutions will resume their previously active stance on JGB investment.
2. Overseas real money investors often use currency hedges when investing in JGBs, except in cases when they hold yen-denominated bonds.
3. Investors may use short-term hedges with tenors of three, six, or 12 months and roll them over, or hedge for the full maturity of the bond. · short-term