Original source (on modern site)
A pedestrian walks in front of a stock quotation board displaying the level of Japan's 10-year government bonds and the exchange rate between the U.S. dollar and yen, outside a brokerage in Tokyo on Sept. 18.
| REUTERS
Singapore - The tide of Japanese money returning home has begun, but a much larger repatriation of overseas assets is being held back by uncertainty over where Japanese bond yields will peak and how much further the central bank will have to raise interest rates. The Bank of Japan has likely done enough for now to ward off another wave of speculative bets against the currency, with a rate hike last week, pledges to tackle inflation and, reportedly, a rate check in the foreign exchange market. Yet major investors remain reluctant to commit heavily to domestic bonds while yields are still climbing and policymakers offer few clues about how much further rates must rise. Two dovish dissenting votes at last week's meeting and a further selloff in bonds this week only reinforced the uncertainty. In a time of both misinformation and too much information, SUBSCRIBE NOW
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