Did the narrative just change? With the world's investors having entirely lost faith in China's ability to control its markets, it appears the omnipotence of global central banks is under scrutiny. First the so-called "contained" risks from Greek contagion are non-existent as despite the best efforts of The SNB (and ECB), European stocks and peripheral bonds have tumbled; and now Japanese investors have dumped over JPY 4 trillion foreign bonds in June - the most ever.
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One can't help but wonder why, if Draghi's QE was successful, why are foreigners not piling into risk assets en masse... but instead selling the most ever as apparently Greece matters after all.
Charts: Bloomberg
