Look Out Below: “Godzilla Returns Next Week”

First a couple of weeks ago, and most recently a couple of days ago in "Who's Behind The Treasury Rally?," we noted that while there are surely multiple factors at play including the unwind of the spec 10Y short... ...and general concerns about the viability of the reflation narrative... ...one possible tailwind for Treasurys is renewed interest from Japanese buyers lured by decreased hedging costs and a favorable FX environment. As it turns out, BofAML agrees with that assessment and as