That leaves a question for the next five and a half years: does the record demand reflect a careful reading of Rakuten's credit, or just how rare a 4% coupon has been in Japan? #Rakuten #JapaneseBonds #CorporateCredit

The question now is whether markets absorb this gradually, as savings drift slowly back home, or whether it arrives in bursts that reset borrowing costs faster than households and governments can adjust. #JapaneseBonds #BankOfJapan #Treasuries