Bank of America/Merrill Lynch note on Japanese bond purchases and FX outlook

Bank of America/Merrill Lynch note on Japanese bond purchases and FX outlook The passage is a routine market research memo discussing Japanese bond buying trends, USD/JPY forward rates, and emerging‑market bond positioning. It contains no specific allegations, names of high‑profile individuals, or novel financial flow details that could be pursued as an investigative lead. Key insights: Charts show cumulative Japanese purchases of foreign bonds since 2010 and USD/JPY 10‑year forward outright levels.; The note suggests Japanese investors may buy more US bonds unhedged despite recent losses.; Comments on expected USD strength from repatriation of US corporate earnings under the new administration.