If negative interest rate means negative yield to maturity, then who is buying negative interest rate bonds? According to JPMorgan Chase's report, there are six types of investors, from dealers to central banks, among which the largest groups of negative interest rate buyers are banks, insurance companies and other financial institutions, and they have to continue to buy, mainly because of future deflation. In other words, buying at this time does not mean holding expires. In the case of large-scale quantitative easing in various countries, national bonds still have the opportunity to change hands, such as the subsequent purchasing power of the European Central Bank.

From this perspective, negative interest rate is a response to deflation. In fact, the negative interest rate we are talking about refers to the nominal negative interest rate, which is not directly equal to the actual income, and the actual interest rate also depends on the price index. In fact, real negative interest rates often appear in life. When the price index is greater than the nominal interest rate, there will be negative interest rate, which often exists in the era of high inflation. In the past, deposits in China also showed negative real interest rates for a long time. From this perspective, as long as the price index is low or even negative, the nominal negative interest rate often does not represent the real negative interest rate, which also explains why there are buyers of negative interest rate government bonds.