As our September “Market Research and Commentary” piece will touch on, the investor base of a country’s debt might have an impact on yields. For example. Japan’s central bank, the Bank of Japan, has an out-sized ownership of its sovereign debt. The Treasury investor base is quite different, albeit the market for Treasury’s is the largest in the world. The Bank of Japan’s participation in its sovereign debt market is significant. This interaction is suppressing yields and for some maturities leading to very little trading volume.