Macquarie: Japanese bond market facing a structural shortage of buyers

```htmlGolden Ten Data reported on May 18 that Macquarie Group strategist Gareth Berry stated that the current environment faces a structural shortage of buyers for Japanese government bonds. Insurance companies have been selling, and the Bank of Japan is still a net seller. With the continued closure of the Strait of Hormuz, global concerns are mounting, and people worry that a tipping point is impending: oil prices may surge, leading either to a massive outbreak of inflation or to a sharp increase in fiscal spending to cushion the impact—or possibly both. Japan has effectively capped domestic gasoline prices, which reduces inflation risk but increases fiscal risk.```