Japanese investors are scooping up bonds overseas to flee negative yields at home, driving a global debt-market rally.

Money managers purchased a net ¥4.45 trillion of debt abroad from Feb. 12 to March 4, the biggest three-week outflow since the third quarter of 2010, based on Finance Ministry data. Nippon Life Insurance Co., the nation’s biggest life insurer, called it an “unavoidable” trade.

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