http://blogs.marketwatch.com/thetell/2012/11/12/u-s-yields-undergoing-japanization-nomura/
The Tell
The Markets News and Analysis BlogU.S. yields undergoing ‘Japanization’: Nomura
November 12, 2012, 12:32 PM
“Unlike prior visits to the region, there now seems to be a new shared ethos forming, to which the majority of investors we spoke with now subscribe, that U.S. Treasury rates will remain low from now on, similar to the Japan experience,” George Goncalves, head of U.S. rates strategy at Nomura Securities, wrote in a note.
“In past visits to Asia ex-Japan, we were usually greeted with the idea that one day U.S. rates would spike from all of the inflationary policies and/or all the new bond supply floated since the financial crisis of 2008. These thoughts from [clients in the region] were always starkly different from the general Japanese account base who, from the start of the 2008 financial crisis, viewed the U.S. path as one closely following what Japan had experienced. It now seems as though nearly everyone in [the region] who trade rates is coming around to the Japan-based idea of the ‘Japanization’ of western fixed income markets.”
– Deborah Levine
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