Fixed Income Commentary

JSDA bond transaction data by investor category (December 2025)

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JSDA bond transaction data by investor category (December 2025)

Key points
  • Medium-term JGBs: City banks net sellers; non-residents major net buyers for second straight month; notable net buying by agriculture/forestry financial institutions

  • Long-term JGBs: Aggregate net selling by seven major investor categories for first time in two months; concerns about BoJ falling behind curve dampened buying appetite

  • Super-long JGBs: Highest net selling on record by insurers, continued offset from non-residents' net buying

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