Japan’s Love for Mexico Is Ending as Uridashi Buyers Shun Peso
- Percentage of Uridashi sales in pesos headed to four-year low
- Mexican peso trading at record lows amid emerging-market rout
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For Japanese bond buyers, Mexico’s peso just isn’t what it used to be.
So far this year, only 0.74 percent of the $18.9 billion in notes sold locally to Japanese retail investors have been in pesos, led by 1.36 billion pesos ($84 million) of debt from Rabobank Groep, according to data compiled by Bloomberg. In 2013, peso debt accounted for a record 7 percent of the total of so-called Uridashi notes.