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JAPAN DATA: Local Investors Continue To Sell Offshore Bonds & Stocks

JAPAN DATA
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Foreign inflows into Japan stocks remained positive last week, albeit just. This marks the 5th straight week of inflows. Still cumulative inflows since the start of August remain strongly negative, around -¥4trln. This fits with Japan equity indices sitting comfortably off mid July cycle highs. In the bond space, offshore investors returned to being net buyers of local bonds last week. In four out of the last 5 weeks we have seen positive inflows into this space. 

  • In terms of outbound flows, we saw local investors continue to dump offshore bonds. This fits with the higher US yield backdrop over recent weeks, which has crimped global bond returns.
  • Local investors also remained net sellers of offshore equities for the third straight week. 

Table 1: Japan Weekly Investment Flows 

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Foreign inflows into Japan stocks remained positive last week, albeit just. This marks the 5th straight week of inflows. Still cumulative inflows since the start of August remain strongly negative, around -¥4trln. This fits with Japan equity indices sitting comfortably off mid July cycle highs. In the bond space, offshore investors returned to being net buyers of local bonds last week. In four out of the last 5 weeks we have seen positive inflows into this space. 

  • In terms of outbound flows, we saw local investors continue to dump offshore bonds. This fits with the higher US yield backdrop over recent weeks, which has crimped global bond returns.
  • Local investors also remained net sellers of offshore equities for the third straight week. 

Table 1: Japan Weekly Investment Flows 

Keep reading...Show less