Ryutaro Kimura, senior fixed-income strategist at BNP Paribas Asset Management in Tokyo, said Japan's finance minister Katayama's urging that pension funds increase allocations to domestic financial assets is partly intended to tamp down upward pressure on yields rather than to have immediate practical effect. Today's decline in JGB yields reflects that the prior rise in rates was too rapid.

2026-07-10

Ryutaro Kimura, senior fixed-income strategist at BNP Paribas Asset Management in Tokyo, said Japan's finance minister Katayama's urging that pension funds increase allocations to domestic financial assets is partly intended to tamp down upward pressure on yields rather than to have immediate practical effect. Today's decline in JGB yields reflects that the prior rise in rates was too rapid.