Foreign investors sold a combined ¥4.03 trillion in Japanese government bonds in June and July, marking the largest two-month foreign outflow since early 2023, preliminary portfolio flow data from Japan’s Ministry of Finance showed. The data released Tuesday showed overseas investors sold ¥2.4 trillion of Japanese government bonds in June and another ¥1.63 trillion in July. June’s outflow was partly boosted by quarterly bond redemptions. In July, Japanese investors reduced holdings of U.S. and Italian sovereign bonds while buying German and French sovereign debt.