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JAPAN DATA: Local Investors Buy Offshore Bonds In Size, But Dump Global Equities

JAPAN DATA
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The highlight of last week's offshore investment flows for Japan, was a surge in purchases of offshore bonds. The ¥1753bn in net purchases was the largest weekly flow since mid September last year. This marks the fourth out of the last five weeks that we have seen positive flows from Japan investors to offshore bonds. This fits with an improved global bond return backdrop, as US yields have stabilized, although such returns remain below 2024 highs. 

  • In contrast, on the equity side, we saw sharp net selling of offshore equities by local investors. This ended a run of 8 weeks of consecutive buying by local investors. Cumulative outflows are still positive YTD for 2025, despite last week's strong net selling.
  • In terms of offshore investor inflows into Japan, aggregate moves were moderate last week, but we saw net selling of both local bonds and stocks. For bonds this ended a run of three straight weeks of inflows. For stocks, cumulative offshore inflows in 2025 to date are close to flat. 

Table 1: Japan Offshore Weekly Investment Flows 

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The highlight of last week's offshore investment flows for Japan, was a surge in purchases of offshore bonds. The ¥1753bn in net purchases was the largest weekly flow since mid September last year. This marks the fourth out of the last five weeks that we have seen positive flows from Japan investors to offshore bonds. This fits with an improved global bond return backdrop, as US yields have stabilized, although such returns remain below 2024 highs. 

  • In contrast, on the equity side, we saw sharp net selling of offshore equities by local investors. This ended a run of 8 weeks of consecutive buying by local investors. Cumulative outflows are still positive YTD for 2025, despite last week's strong net selling.
  • In terms of offshore investor inflows into Japan, aggregate moves were moderate last week, but we saw net selling of both local bonds and stocks. For bonds this ended a run of three straight weeks of inflows. For stocks, cumulative offshore inflows in 2025 to date are close to flat. 

Table 1: Japan Offshore Weekly Investment Flows 

Keep reading...Show less