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by 7777777phil·5mo ago·view on hn ↗
Japan holds roughly $5 trillion in foreign assets and JGB yields are rising fast, collapsing the spread that made holding Treasuries worthwhile.

When the world's largest creditor starts rebalancing toward domestic assets, the marginal Treasury buyer becomes a marginal seller. Wrote a short piece on this in Jan: https://philippdubach.com/posts/big-in-japan/