Little To Shout About In Weekly International Security Flow Data

Weekly international security flow data out of Japan provided the following observations:

• Japanese investors registered a third straight weekly round of net selling of foreign bonds, with the 4-week rolling sum of the measure remaining comfortably in negative territory, even as a Y1tn+ round of weekly net selling dropped out of the sample period.
• Foreign investors reverted to net purchases of Japanese bonds (albeit in a limited fashion, with liquidity thinned owing to the time of year) after shedding over Y1tn of Japanese paper in the previous week. This was the fourth week out of the last five which saw net purchases of Japanese bonds on the part of foreign investors.
• Japanese investors net purchased foreign equities for a sixth consecutive week, although the 4-week rolling sum fell as a large round of weekly net purchases fell out of the sample.
• Foreign investors registered another round of limited net purchases when it came to Japanese equities, with the 4-week rolling sum of that measure still residing comfortably in negative territory.