According to data released by Fitch rating agency on Wednesday, relentless purchases from the investors led to the expansion of negative yielding government bond universe by $1 trillion so far this month and by $1.3 trillion since the last data published in the month of May. As of the report, $11.7 trillion government debts are now yielding negative. About $9 trillion of this debt are with maturities more than a year.

Major push came after the British referendum, where voters voted in favor of moving the country out of the European Union.  Investors are with the belief that the central banks will once again open up their stimulus tap.

Japanese bonds have been the major contributor to this negative yielding universe. Japanese government debts are now yielding negative up to 15 years and the 40-year bond is trading at just 0.13 percent yield. German government debts are negative up to 10 years and longest maturity 30-year bond is yielding 0.45 percent. For Switzerland, whole yield curve up to 30 years is in negative territory.

After the referendum, UK government bond yields have dropped sharply as investors’ price 80 percent chance that Bank of England (BoE) will go for a rate cut. Yields have dropped at least 50 basis points across the curve.