HSBC Retains 'mildly Bearish' View on Jgbs

Dow Jones10:21

0221 GMT - HSBC retains its "mildly bearish" view on Japanese government bonds. "Much of the focus in Japan rates has centered on the prime minister and finance minister's statements, which suggest that the government is looking for ways to encourage pension funds and retail investors to buy more JGBs," says Justin Heng, an APAC rates strategist. However, measures such as revising the Government Pension Investment Fund's "strategic asset allocation likely require some time for coordination and approvals," Heng says. These changes would probably arrive in 2027 at the earliest, the strategist says. "Our base case remains for higher yields in the near-term," Heng adds. The 10-year JGB yield is 3 bps higher at 2.765%. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

July 22, 2026 22:21 ET (02:21 GMT)

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However, measures such as revising the Government Pension Investment Fund's \"strategic asset allocation likely require some time for coordination and approvals,\" Heng says. These changes would probably arrive in 2027 at the earliest, the strategist says. \"Our base case remains for higher yields in the near-term,\" Heng adds. The 10-year JGB yield is 3 bps higher at 2.765%. 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However, measures such as revising the Government Pension Investment Fund's \"strategic asset allocation likely require some time for coordination and approvals,\" Heng says. These changes would probably arrive in 2027 at the earliest, the strategist says. \"Our base case remains for higher yields in the near-term,\" Heng adds. The 10-year JGB yield is 3 bps higher at 2.765%. 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However, measures such as revising the Government Pension Investment Fund's \"strategic asset allocation likely require some time for coordination and approvals,\" Heng says. These changes would probably arrive in 2027 at the earliest, the strategist says. \"Our base case remains for higher yields in the near-term,\" Heng adds. The 10-year JGB yield is 3 bps higher at 2.765%. 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