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Japan Has a Pile of Dollars It Can Tap Before Selling Treasuries

“If you’re the Bank of Japan, the first hit is the Fed’s FIMA reverse repo pool,” said Blake Gwinn, head of US interest rates strategy at RBC Capital Markets. “It’s costless, you’re not going to take the risk. If you’re the BOJ selling at these levels on the curve right now, you’re taking a capital loss.” 

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