JAPANESE BANKS DUMP FOREIGN BONDS AS YIELDS SURGE

Japanese banks sold 2.49 trillion yen, about $16 billion, of foreign bonds in September, the most in seven months, according to Japan's Ministry of Finance. The selling comes as Japan's 10-year government bond yield climbed to 3.12%, its highest since 1996, making domestic debt newly competitive with $TLT and other overseas assets. Capital that once funded foreign bond purchases is increasingly staying home.