JSDA债券交易数据（按投资者类别）（2026年8月）【固定收益评论】

关键论点

• 在终端利率预期接近2.5%的背景下，城市银行大幅增加中期国债净买入至1,2109亿日元，为2025年7月以来首次突破1万亿日元。
• 非居民连续第三个月净卖出中期国债，并转为净买入长期和超长期国债，与加息预期升温下的曲线趋平交易一致。
• 寿险及非寿险公司连续第三个月净买入超长期国债，但超长期总交易额低于2025财年均值，显示逢低买入态度谨慎。
• 信金银行净卖出超长期国债2,503亿日元，为2013年3月以来最大，可能涉及资产互换平仓和估值损失兑现。

对应原文证据

1. This drove the dollar lower against the yen and briefly pushed down the 10-year JGB yield, but the move was short-lived.
2. Remarks made by US Treasury Secretary Scott Bessent on an August 4 CNBC broadcast—including his comment that he believed BoJ Governor Kazuo Ueda would “do what is needed”—prompted speculation that the US government was pressing the Bank to raise rates sooner.
3. The 2-year-forward 1-month TONA OIS rate climbed to around 2.3%, approaching the 2.5% level that marks the upper end of BoJ estimates of the neutral rate of interest.