Yes, Japan has negative sovereign debt yields for maturies of less than 9 years.
And now this:
(Bloomberg) — The year-end cost for Japanese investors to borrow dollars with forward swaps is near the highest since the 2008 crisis.
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The search for yield has driven Japanese investors to load up on U.S. bonds, exchanging yen for dollars using cross-currency forward swaps. Such activity can create a demand-supply imbalance, especially at financial reporting dates like year-end.
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