A Bloomberg story ahead of market action in Asia on Wednesday suggested as much. Bond yields are becoming increasingly attractive and could prompt changes in portfolio / fund allocations.

The yen strengthened against the US$; JGBs (Japanese government bonds) are now at 11-month highs, while 2-year U.S. treasuries hit 5% for the first time since August, according to the Bloomberg report. The ECB is expected to hike to 4%; an announcement is expected shortly. Some question how much more the ECB can hike. This could result in more yen buying, but maybe not for long, if Japanese shift more funds overseas, especially for debt securities / funds — if there will be no further hikes (or an end in sight), there’s less risk of capital loss, while still receiving the higher yield compared to domestic issues.