Regulators in Japan recently counselled regional banks that hold massive amounts of Japanese government bonds to shorten the maturity of their holdings to reduce their interest rate risk. That is an indication that in Tokyo even regulators are becoming more nervous about the health of the market.
They are not alone. Sumitomo Mitsui Financial Group has cut the term of its holdings from more than three years to less than two years.
A senior executive at Norinchukin Bank, one of Japan’s largest investors, says he is less worried, but that is largely because Norinchukin holds much of the government’s issuance of variable rate debt.
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