市场正在猜测，日本政府养老投资基金可能将国内债券配置比例由25%提高至35%，同时把海外债券和海外股票分别降至20%。花旗全球宏观策略团队认为，若调整得到确认，日元与日本长债可能率先反映资金回流预期；美债约占GPIF海外主权债券持仓的50%，因此也会面临潜在减持压力。

Oriental Jincheng said in a Sept. 14 report that September credit bond supply should seasonally decline as issuers complete supplemental half‑year reports, leading to a month‑on‑month drop in net financing. Demand is set to weaken as quarter‑end balance‑sheet pressures curb wealth‑management allocations to credit bonds, the open‑ended scale of amortized‑cost bond funds contracts, and increased government bond issuance crowds out allocation funds. The agency expects the bond market to remain broadly range‑bound in September with seasonal weakening in credit‑bond allocation power. Credit spreads sit at historic lows with thin safety buffers, making spreads easier to widen than tighten. Short‑end credit spreads face modest widening risk amid funding volatility; mid‑to‑long‑end spreads may trade in a narrow range supported by amortized‑cost bond funds. Lower‑rated issuers are likely to see greater valuation volatility. Recommended positioning: favoured mid‑to‑high‑grade coupon strategies, extend duration on high‑quality issuers to 3–5 years, and prioritise instruments with both coupon and liquidity. Liquidity is expected to remain in a narrow range in September and spread space is limited; avoid increasing leverage.

An ExxonMobil top executive said improving economic conditions will allow significant latent demand to absorb incremental LNG supply.