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https://isimarkets.com/wp-content/uploads/E688AAE5B18F2026-02-132018.48.53.png15841020随着日本首相高市早苗提出增加支出与减税计划，日本债市的“债券义警”再度现身。尽管自民党深陷多起丑闻引发民众不满，高市早苗仍宣布于2月8日举行闪电选举，将财政政策交付选民裁决，希望借助该政策纲领的民意支持度赢得选举。近期日本债市出现剧烈波动与结构失衡，这种景象在长达数十年的超低利率与收益率曲线控制时期从未出现。评论人士警告称，当前局势与英国的“特拉斯时刻”存在相似之处——当时英国债券市场对新领导人无资金支持的减税计划作出了激烈抵制。外国投资者作何反应？我们可以通过EPFR的独家资金流向数据洞察端倪。如以下图表所示，日