Foreign investors are rushing to buy Japanese government bonds at a record pace:

Open interest on the 20-year Japanese government bond futures market surged to a record 44,093 contracts last week.
By comparison, in July 2025, open interest was nearly zero as the Japan Exchange Group tried to restore liquidity after three years without any transactions.
This occurred as the total net buying by foreign investors increased to 3,615 contracts in the first week of February, 22 times higher than domestic investor participation.
At the same time, foreign investors purchased approximately 14,000 contracts of 10-year Japanese government bond futures in the first two weeks of the month, one of the largest trading streaks recorded.
Foreign investor demand for Japanese bonds is rising sharply.