April JSDA OTC Bond Trading Volume

This Mizuho Securities report analyzes April 2026 JSDA OTC bond trading data, highlighting a reversal in foreign investor flattener positions and a return of domestic dip-buying in JGBs.

Key Takeaways

• 1.Foreign investors appear to be unwinding flattener positions in JGBs, selling super-long sectors while buying long-term maturities.
• 2.Domestic insurers returned to the super-long JGB market as net buyers for the first time since July 2025, attracted by higher yields.
• 3.Major banks resumed net purchases of medium-term JGBs for the first time in six months as markets priced in hawkish BOJ policy scenarios.

Table of Contents

• (1) JGBs
• 1) MAJOR BANKS: BOUGHT UP MEDIUM-TERM JGBS FOR THE FIRST TIME SINCE OCTOBER 2025
• 2) REGIONAL FINANCIAL INSTITUTIONS: NET BUYERS RIGHT ACROSS THE CURVE FOR THE FIRST TIME IN FIVE MONTHS
• 3) INSURERS: BOUGHT UP SUPER-LONG JGBs FOR THE FIRST TIME IN NINE MONTHS
• 4) TRUST BANKS: NET PURCHASES OF COUPON-BEARING JGBS EXCEEDED JPY1 TRILLION WITH THE SUPER-LONG SECTOR MOST HEAVILY BOUGHT
• 5) FOREIGNERS: NET PURCHASES OF COUPON-BEARING JGBS STILL EXCEEDED JPY1 TRILLION BUT WERE WELL DOWN FROM MARCH
• 6) FINANCIAL INSTITUTIONS FOR AGRICULTURE & FORESTRY + OTHERS
• (2) Non-JGBs
• Investor Classification

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