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Call Tree Update

JAPAN: *** Little in the way of notable outright flow in this week's Japanese
international security flow data, worth noting that Japanese investors became
small sellers of foreign bonds after the huge purchases the week before.
- Looking at the 4-week rolling sums, worth noting that foreign investors have
extended their purchases of Japanese bonds, while Japanese investors remain
purchasers of foreign bonds & stocks based on the same metric, although 4-week
rolling cumulative bond purchases are well off their half fiscal year highs seen
at the back end of September (after dipping into negative territory in late
Oct/early Nov, lodging a second successive positive week this time out), with
4-week rolling foreign stock purchases by Japanese investors also well off the
early October peak.
- 4-week rolling cumulative foreign flows into Japanese stocks have turned
negative for the first time since late September, albeit at the margin.
- Chart: Japanese Weekly Int'l Bond Flows:
- Chart: Japanese Weekly Int'l Equity Flows:
MNI London Bureau | +44 0203-865-3809 |