日本国际交易 ：外国债券流动（2026年2月）

Fixed Income Blog Japan International Transactions -Foreign bond flows (February 2026) Ioannis SokosStrategist+44-20-754-75680Siddharth GargResearch Associate Japanese investor flows into foreign sovereign bonds International transactions in securities data from the Japan Ministry of Financeshowed strong selling of USTs and decent buying of DBRs in February in relativeterms. These net UST sales (of EUR 14.1bn) were signalled in the final section of our previous piece. This month's "predicting the print" section suggests March's data In the Eurozone, February saw net purchases in Germany where Japanese investorsnet bought EUR 1.4bn of DBRs, making it the fourth month in a row with a positiveprint. After posting a positive print in January, Japanese investors net sold EUR 1bnof OATs in February.Japanese investors net bought EUR 0.9bn of BTPs in Februaryafter being a net seller in the previous two months. Japanese investors' net buying Figure 1 shows a summary of recent net flows by country. 14 April 2026Fixed Income Blog For US, net sales of EUR 14.1bn in February is the strongest negative print since July The figures below show cumulative annual flows since 2014. Source : Deutsche Bank, Japan MoF Source : Deutsche Bank, Japan MoF Source : Deutsche Bank, Japan MoF Source : Deutsche Bank, Japan MoF Source : Deutsche Bank, Japan MoF Source : Deutsche Bank, Japan MoF Japanese investor flows into Eurozone long-term bonds We highlight Japanese investor flow dynamics across a broader set of Eurozonecountries, grouped as core (Ger, Neth) / semi-core (Aus, Bel, Fin, Fra, Ire) / periphery(Ita, Spa, Por, Gre), using aggregate long-term bond flow data (in the absence of In February, we saw decent net sales in core, small net sales in semi-core and smallnet purchases in periphery. Japanese investors made net sales of EUR ~2.4bn incore, net sales of EUR 0.5bn in semi-core and net purchases of EUR 0.4bn in Source : Deutsche Bank, Japan MoF Source : Deutsche Bank, Japan MoF Source : Deutsche Bank, Japan MoF Source : Deutsche Bank, Japan MoF Source : Deutsche Bank, Japan MoF Source : Deutsche Bank, Japan MoF Source : Deutsche Bank, Japan MoF FX-hedged Foreign Bond Yields for Japanese investors The charts below compare yields for Japanese investors on domestic and foreignsovereign bonds. We adjust foreign yields by JPY currency hedging costs. Eventhough data show that Japanese investors are mostly long-term holders, it has Source : Deutsche Bank, Bloomberg Finance LP Source : Deutsche Bank, Bloomberg Finance LP Predicting the print and investor group breakdown In this section, we examine another component of the MoF's InternationalTransactions in Securities data, i.e. net flows into foreign long-term debt securities.This data is not broken down into flows into individual foreign countries, nor is it nFirstly, the data is released a month earlier than the data in the first sectionof the piece. Therefore, it is a helpful predictor of Japanese investors' fixedincome activity for the most recent month. This is also borne out in the data;this series predicts net Japanese flows into US Treasuries with 72% R- nSecondly, this data set is helpful as it splits these flows into specific investorgroups. We include charts for the investor groups with significant flows:banks (banking accounts), banks (trust accounts), "finance instrument The data for March suggests negative net flows into foreign long-term debt, whichwould mark a reversal of buying trend of USTs in the last couple of years. March sales come from banks, life and investment trust companies. Appendix 1 Important Disclosures *Other information available upon request *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies,and other sources. For further information regarding disclosures relevant to Deutsche Bank Research, please visit our globaldisclosure look-up page on our website at https://research.db.com/Research/Disclosures/FICCDisclosures. Aside from withinthis report, important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/ Analyst Certification The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s). In addition, theundersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view Additional Information The information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively 'DeutscheBank'). Though the information herein is believed to be reliable and has been obtained from public sources believed to bereliable, Deutsche Bank makes no representation as to its accuracy or completeness. Hyperlinks to third-party websites in thisreport are provided for