1) Under allocated investors…
2) Expectation of a Republican victory in the November election…
3) The Flood of Liquidity unleashed by ultra-loose global monetary policy…
“The Bank of Japan will encourage the uncollateralized overnight call rate to remain at around 0 to 0.1 percent…As assets to be purchased, the Bank will examine long-term government bonds, treasury discount bills, commercial paper (CP), asset-backed CP (ABCP), corporate bonds, exchange-traded funds (ETFs), and Japan real estate investment trusts (J-REITs).” – Bank of Japan Statement on Monetary Policy
Global Macro Monitor 