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Fixed Income

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BoJ’s pace debate turns Japan’s domestic bond story from politics into relative value.

Opinion

2 Oct 2026

BoJ’s pace debate turns Japan’s domestic bond story from politics into relative value.

The Bank of Japan’s Summary of Opinions from the September meeting, released around 1 October, shows board members debating a faster path of normalisation after the policy rate reached 1.25 per cent, the highest since 1995. For Japanese asset owners the practical question is no longer whether domestic bonds exist as an option. It is whether rising JGB yields and a more active BoJ make home-market fixed income competitive enough to matter inside existing allocation bands.

NPS is opening an India government-bond channel. The story is access, not a printed weight.

Asset Owners

23 Sep 2026

NPS is opening an India government-bond channel. The story is access, not a printed weight.

Korea’s National Pension Service is seeking a licence to invest in Indian government securities under SEBI’s lighter compliance route for low-risk foreign investors such as pensions and sovereign funds. Public reporting describes the application as advanced and among the first from a large global pension under that window. A dedicated G-sec channel would sit beside existing India equity exposure via offshore funds.

Insurers still have a fixed-income job. Compressed spreads do not retire it.

Opinion

22 Sep 2026

Insurers still have a fixed-income job. Compressed spreads do not retire it.

For liability-driven insurance general accounts, elevated government-bond yields still support an income lock-in case, while tight credit spreads argue for selectivity rather than blanket carry. Thematic equity, including Asia supply-chain and technology exposure, remains a sized sleeve, not a substitute for the cash-flow core.

Asia Credit Is a Carry Sleeve. Spreads Are Not the Whole Story.

Opinion

17 Sep 2026

Asia Credit Is a Carry Sleeve. Spreads Are Not the Whole Story.

UBS GWM’s mid-2026 Asia note put Asia investment-grade all-in yields near 5.3 per cent and a 93 basis-point pick-up over same-tenor US Treasuries, against 64 basis points for US IG. Asia high-yield dollar paper has returned 4.3 per cent year to date against 1.8 per cent for US peers, Bloomberg data compiled by The Business Times show. The allocation question is carry and selection, not a spread-tightening thesis.

GPIF vs NPS: Two Giant Policy Mixes, Two Different Problems for Managers

Asset Owners

16 Sep 2026

GPIF vs NPS: Two Giant Policy Mixes, Two Different Problems for Managers

Japan’s Government Pension Investment Fund continues to operate a four-box listed policy mix, with alternatives limited to 5 per cent inside those boxes. Korea’s National Pension Service has written a 14 per cent alternatives allocation, including private debt, into its 2026 plan. The two funds sit in the same regional coverage universe. Their mandates do not.

Unconstrained Fixed Income Architectures Must Replace Rigid Benchmark Tracking to Capitalise on Policy Divergence

Opinion

19 Aug 2026

Unconstrained Fixed Income Architectures Must Replace Rigid Benchmark Tracking to Capitalise on Policy Divergence

Global asset managers operating across the Asia-Pacific territory must abandon legacy index-tied bond models to deliver resilient absolute alpha. Untethering asset management platforms from standard public benchmarks emerges as the primary fiduciary mandate required to insulate institutional portfolios from accelerating macroeconomic cross-currents and sovereign credit volatility.

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