Japan’s pension fund proxy accounts record net purchases of overseas bonds in May, according to preliminary data released by Japan’s Finance Ministry. Bloomberg reports that the proxies buy a record amount of foreign bonds, pointing to continued strong demand for overseas debt even as Japan’s domestic bond yields rise. The Japan Times adds that bank trust accounts—used as proxies for pension fund investments—acquire a net ¥3.16 trillion (about $19.7 billion) in May. Together, the reports indicate that foreign bond buying remains elevated and that investors associated with pension fund proxies continue allocating substantial funds abroad. The data are described as preliminary, suggesting figures may be subject to revision as additional reporting is completed. Overall, the information reflects ongoing portfolio diversification into international fixed income while local market conditions tighten, evidenced by higher Japanese yields during the same period.