Bringing money invested abroad back home. For Japan it means selling foreign bonds or letting them mature, and buying JGBs instead.
资金回流
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | Japan's 20-year bond sale sees strongest demand on record 资金回流 · 第 6 张术语卡 | Investors have sold ¥5 trillion of foreign bonds net this year, but Omori's line is the key: buyers are back, the money is not home yet. 回流不等于「抛售」。大型机构的组合里，债券会自然到期、票息会持续到账、新保费会不断进来——管理者只需要决定「下一块钱放哪里」。所以真正的回流往往表现为：到期不续、对冲比率上调、新增配置偏向国内。这种「不声不响」的搬家，比一次性砸盘更难被察觉，但对全球利率的影响更持久。 |