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Bloomberg Wall Street Week - June 2nd, 2023
Wall Street Week
The Challenges of the TGA Debt Ceiling
If you're a Japanese investor looking to buy 10-year government bonds, after the FX hedging costs measured by the three-month FX forward hedge, it will cost you negative 2%. Your yield that you're getting is about negative 2.2% on a 10-year bond. You can buy JGBs for about 40 basis points. So from a foreigner's perspective, it's better to buy the local bonds than to take into account the FX hedges costs and buy a US Treasury bond.
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