The Bank of Japan raised short-term policy interest rates for the first time in 17 years, leading to the largest sell-off of Japanese bonds by foreign investors in more than a year last week, according to Golden Ten. Preliminary data from the Japanese Ministry of Finance show that in the week ended March 22, global investors sold a net 3.89 trillion yen (approximately $25.7 billion) of Japanese government bonds, setting a record since January 2023. Japan's benchmark bond yields ended lower last week despite outflows. Investors' focus now turns to how soon the Bank of Japan will raise interest rates again, with a weaker yen complicating that decision. Shoki Omori, chief strategist at Mizuho Securities, said foreign investors seemed to think this was a good time to sell long-term bonds and take profits in bonds and stocks.