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JAPAN
JAPAN: Japanese bond/stock flow data was out today and it shows a significant
change in direction from buying to selling of foreign bonds in the latest week. 
- Japanese trade in foreign bonds went from previously buying Y1.6tln to selling
Y145.5bln. This is in line with a 10 week low for the 10-Year JGB yield from the
June 7th high dropping to around 0.040% and could denote a repatriation of funds
as players try and capitalise on higher prices, yields have fallen further this
week despite the BoJ cutting buying of the 5-10 year sector by Y30bln in the
Rinban operations, this could impact bonds going forward. MNI sources note
upside can be attributed to the unwind of short-flattener trades established in
June. 
-For this exact period last year Japanese investors had already racked up
purchases of Y21tln compared to this year it being Y3tln, it is worth noting
however in the months from August to December last year investors only went on
to purchase a further Y95bln foreign bonds. 
- On a related subject analysts note the pull back of buying operations is
surprising as it comes despite no change in Japan's very low inflation rate

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