"When I go to the gym and there's no freshly washed socks, I take the pair that's relatively clean," says Japan MOF official Chikashisa Sumi, explaining the enduring attractiveness of 10-year JGBs. Foreign ownership of the paper has risen to a record 8.3% of the total outstanding as the 0.75% yield no longer looks so outlandishly low - and if the yen is going to appreciate, the low yield is but a secondary issue.
"When I go to the gym and there's no freshly washed socks, I take the pair that's relatively...
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