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Local Investors Dump Offshore Bonds, Foreign Inflows Into Local Equities Halted

JAPAN DATA
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Offshore investors sold -¥346.6bn worth of local stocks last week. This ended a positive run of 6 weeks of inflows into this space. The cumulative sum of inflows is still strongly positive in recent months. On the bond side, we had offshore investors purchasing local bonds for the second straight week (¥411.4bn).

  • In terms of Japan outbound flows, we saw sharp selling of offshore bonds to the tune of -¥2647.6bn. This is the largest weekly outflow for the series going back to 2015. An ongoing theme has been the lack of appeal to local investors to purchase offshore bonds given unappealing returns (on an FX hedged basis).
  • Local investors also sold offshore stocks to the tune of -¥526.3bn, which was the third consecutive week of outflows from this segment.

Table 1: Japan Weekly Investment Flows

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Offshore investors sold -¥346.6bn worth of local stocks last week. This ended a positive run of 6 weeks of inflows into this space. The cumulative sum of inflows is still strongly positive in recent months. On the bond side, we had offshore investors purchasing local bonds for the second straight week (¥411.4bn).

  • In terms of Japan outbound flows, we saw sharp selling of offshore bonds to the tune of -¥2647.6bn. This is the largest weekly outflow for the series going back to 2015. An ongoing theme has been the lack of appeal to local investors to purchase offshore bonds given unappealing returns (on an FX hedged basis).
  • Local investors also sold offshore stocks to the tune of -¥526.3bn, which was the third consecutive week of outflows from this segment.

Table 1: Japan Weekly Investment Flows

Keep reading...Show less