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Foreign Investors Dump JGBs, Move to UK Gilts

6/15/2026

22 3 Full Breakdown

Summary

Story summary

In April, foreign investors sold more Japanese government bonds (JGBs) than bought, the first net outflow since 2024, amid worries about the Bank of Japan’s policy pace.
The Bank of Japan is expected to raise rates on Tuesday, yet investors doubt the move will curb inflation quickly.
Brandywine Global Investment Management sold its 30-year JGBs and shifted part of the allocation into UK gilts, citing the BOJ’s negative real-rate environment.

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Story summary

In April, foreign investors sold more Japanese government bonds (JGBs) than bought, the first net outflow since 2024, amid worries about the Bank of Japan’s policy pace.
The Bank of Japan is expected to raise rates on Tuesday, yet investors doubt the move will curb inflation quickly.
Brandywine Global Investment Management sold its 30-year JGBs and shifted part of the allocation into UK gilts, citing the BOJ’s negative real-rate environment.