Last month, Japanese government bonds (JGBs) with the longest maturities attracted an unprecedented level of attention from international investors. The surge in demand reflected a significant shift in global capital flows, as funds moved away from US Treasury securities in search of alternative safe havens. According to data released by the Japan Securities Dealers Association, foreign investors purchased around 2.18 trillion yen ($15.49 billion) in Japanese government bonds with maturities longer than 10 years—a record high since tracking began in April 2004.