The Bank of Japan's share of government bonds has fallen to approximately 48%, an eight-year low, while monthly purchases have already decreased by almost half since 2024.
At the same time, foreign investors are also reducing their exposure, to around 12% of the total.
Fewer marginal buyers, more net supply, and a market that is now testing interest rate levels without the same structural support as in the past.
@optimism
Example of bond holders getting absolutely smoked