[Macquarie: Japanese Bond Market Faces Structural Buyer Shortage Dilemma] According to a report by Jinse Finance on May 18, Macquarie Group strategist Gareth Berry stated that the current environment presents a structural buyer shortage issue for Japanese government bonds. Life insurance companies have been selling, and the Bank of Japan remains a net seller as well. With the continued closure of the Strait of Hormuz, global concerns are intensifying, and there are fears that a critical point is approaching. At that point, a surge in oil prices could either trigger a massive inflation outbreak or lead to a sharp increase in fiscal spending to mitigate the impact—or both. Japan has effectively capped domestic gasoline prices, which reduces inflation risks but increases fiscal risks. (Jin10)