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Japan’s Exodus From Australian Bonds Started Months Before Rout
Japanese funds turned sellers of Australian bonds in the six months through September as yields tumbled and speculation grew that the central bank was moving toward tapering its debt purchases. Funds in the Asian nation cut holdings of Aussie debt by 351.1 billion yen ($3.1 billion) over the period, the first net sales during a fiscal half-year since March 2019, according to Ministry of Finance data released Tuesday. The sales by Japanese funds meant they avoided the steep losses seen in October when growing speculation the Reserve Bank of Australia would drop its yield-curve control program led to a selloff in the ... (full story)