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PIMCO: Japan's yield curve is "too steep," bullish on 30-year JGBs.

MeNews
ME News reports that on May 20 (UTC+8), inflation and fiscal concerns pushed Japan's 30-year government bond yield to a record high, with Pacific Investment Management Company (PIMCO) seeing an investment opportunity. The firm's Chief Investment Officer Seidner stated that Japan's yield curve is "too steep" compared to other developed markets, highlighting the value of long-duration bonds. PIMCO is long on Japan's 30-year government bonds and short on 10-year bonds, betting on a narrowing of the spread between them. "The current risk premium is attractive in both absolute and relative terms," Seidner said. Japan's yield curve is the steepest among developed markets, reflecting concerns about the central bank's slow pace of rate hikes and long-term fiscal spending. Japanese Prime Minister Sanae Takaichi's call for a supplementary budget has exacerbated these concerns. Data shows the spread between Japan's 10-year and 30-year government bonds is about 130 basis points, lower than September's 171 basis points but still far above the US's 52 basis points and the UK's 67 basis points. Seidner noted that the spread has begun to narrow, "it has normalized to some extent, but it is still one of the steepest curves globally, so we continue to hold." (Source: Jin10)
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