Sale of Japan's debt
Source: Bloomberg News |
August 9, 2011, Tuesday
|
Print Edition
Print Edition
CHINA sold Japan's medium and long-term debt for the first time in nine months in June as the yen traded near a record high against the US dollar and benchmark yields approached their lowest level since November.
China sold a net 508.5 billion yen (US$6.5 billion) of the fixed-income securities in June, according to a statement released by Japan's Ministry of Finance yesterday.
China was a net seller of 8.4 billion yen in short-term notes maturing in less than a year, the data also showed. The yen gained 1.2 percent against the dollar in June.
"There's a debate on whether nations should have more yen-denominated assets, while we wonder if they will be buying given Japan's fiscal situation and low yields," said Tetsuya Inoue, chief researcher for financial markets in Tokyo at Nomura Research Institute Ltd. "I think China is putting its foreign reserves to use from a medium and long-term standpoint," he said.
China sold a net 508.5 billion yen (US$6.5 billion) of the fixed-income securities in June, according to a statement released by Japan's Ministry of Finance yesterday.
China was a net seller of 8.4 billion yen in short-term notes maturing in less than a year, the data also showed. The yen gained 1.2 percent against the dollar in June.
"There's a debate on whether nations should have more yen-denominated assets, while we wonder if they will be buying given Japan's fiscal situation and low yields," said Tetsuya Inoue, chief researcher for financial markets in Tokyo at Nomura Research Institute Ltd. "I think China is putting its foreign reserves to use from a medium and long-term standpoint," he said.
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