Santander Analysts: Japan’s GPIF May Sell $62B in US Treasuries

The signal here is less the headline figure than its source: a sell-side estimate about a fund that has not announced anything, so it reads as a positioning thesis rather than a confirmed flow. If Japan's largest pension fund were to repatriate, the marginal buyer of US duration would thin at a moment when fiscal supply already leans on foreign demand — a rates story before it is a crypto one, though tighter global liquidity tends to transmit. Whether GPIF actually shifts allocations, and whether other Japanese institutions follow, is the open question.