Overseas investors scooped up some 2.18 trillion yen ($15.49 billion) of JGBs with maturities of more than 10 years in March, figures released by the Japan Securities Dealers Association showed on Monday, the largest amount since the data series started in April 2004.

Trump ramped up levies over the course of last month, including a 25% tariff on cars and parts, in the runup to his April 2 announcement of sweeping duties that sent global markets into a broad tailspin.

At the same time, local insurers shed a record 645.8 billion yen of super-long JGBs in the month as they adjusted portfolios at the end of Japan’s fiscal year, said Shoki Omori, chief desk strategist at Mizuho Securities.

Waning bets for near-term interest rate hikes by the Bank of Japan due to the uncertain global trade environment also made it easier for foreign investors to buy JGBs, Omori said.

The 30-year JGB yield JP30YTN=JBTC stood at 2.76% on Monday, after a four-week period when it was whipsawed by tariff headlines, plunging to the lowest since October at 2.195% on April 7, and then catapulting to a two-decade peak at 2.845% a week later.

Over the course of March, the 30-year yield rose some 17 basis points to 2.52%, hitting a then-19-year peak of 2.63% mid-month before starting their descent as market volatility escalated.

($1 = 140.72 yen)

(Reporting by Kevin Buckland; editing by Shri Navaratnam)

Photograph: Mount Fuji appears behind the skyline of skyscrapers in the Shinjuku shopping and business district Monday, March 29, 2021, in Tokyo. (AP Photo/Kiichiro Sato)