The second largest bank in Japan plans to massively purchase Japanese government bonds after the bond market crash settles down.

The second largest bank in Japan, the Mitsui Sumitomo Financial Group, plans to buy a large amount of Japanese government bonds after the sharp rise in Japanese bond yields has come to an end. Takehiro Nagata, global markets chief of Mitsui Sumitomo Financial Group, said in an interview that once the full position is established, the group's Japanese government bond investment portfolio is expected to double from the current 10.6 trillion yen. Japanese government bond prices plummeted on Tuesday, pushing long-term bond yields to a historical high, with investors growing increasingly concerned about Prime Minister Takanami Takichi's fiscal policies as elections approach.