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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: el_gaviero who wrote (9582)3/7/2004 2:00:57 AM
From: Raymond Duray   of 110194
 
JAPANESE BOND MARKET STABILITY

Hi el_gaviero,

Re: But bonds have to be piling up somewhere. Darfot told us the other day that it was in the Post Office retirement fund. But still, there has to be some kind of market for these sterilization bonds. They can be turned back into yen and those yen can hit the Japanese economy as demand.

Historically, the Post Office bondholders have been among the most conservative investors in the world. The "demand" surge that you speculate about is illusory. The folks who now own this U.S. paper, mostly unwittingly, based on the actions of the system managers, spend money only begrudgingly. There will be no great surge in demand.
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