Japanese investors hold $145B in French bonds, raising capital repatriation risk
- —Japanese investors hold 23 trillion yen ($145B) of OATs, 6.6% of their foreign debt
- —After hedging, 10-year OATs yield only ~0.4 points more than JGBs
- —Japanese holdings of French debt have fallen 2.5% since late 2025
- —In August 2024 yen repatriation sent BTC from $65,000 to $49,000 in a week
Why it matters: A broad repatriation of Japanese capital could pressure risk assets, including bitcoin, as it did in August 2024.
Source: Journal du Coin