According to Odaily, Morgan Stanley MUFG strategists Koichi Sugisaki and Hiromu Uezato have expressed continued optimism about the mid-term segment of the Japanese government bond yield curve. They suggest that changes in the U.S. economic landscape could lead to a downward repricing risk for the Bank of Japan's terminal rate. Despite some alleviation of fiscal issues under the new government, the strategists remain cautious about long-term bonds. They also noted that the investment plans of Japan's ten major life insurance companies for the second half of the 2025 fiscal year indicate they are unlikely to provide stable demand for ultra-long-term Japanese government bonds.