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JAPAN DATA: Offshore Flows Muted Due To Holidays, Local Investors Sell Bonds

JAPAN DATA
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Offshore flows into Japan assets were relatively muted into the week ending Jan 3. Given onshore markets were closed from Wed-Fri of that week, such trends aren't that surprising though. We saw modest outflows in terms of local stocks, while flows into local bonds were positive, but this followed decent outflows in the prior two weeks. 

  • In terms of Japan outbound flows, local investors continued to sell offshore bonds for the third straight week. This has been a fairly consistent trend/theme going back to mid October, with reflating US yields crimping global bond returns.
  • In the equity space, local investors continued to buy overseas stocks. This was the fourth straight week of net purchases in this space, ending a run of consistent selling seen since mid Oct. 

Table 1: Japan Weekly Investment Flows

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Offshore flows into Japan assets were relatively muted into the week ending Jan 3. Given onshore markets were closed from Wed-Fri of that week, such trends aren't that surprising though. We saw modest outflows in terms of local stocks, while flows into local bonds were positive, but this followed decent outflows in the prior two weeks. 

  • In terms of Japan outbound flows, local investors continued to sell offshore bonds for the third straight week. This has been a fairly consistent trend/theme going back to mid October, with reflating US yields crimping global bond returns.
  • In the equity space, local investors continued to buy overseas stocks. This was the fourth straight week of net purchases in this space, ending a run of consistent selling seen since mid Oct. 

Table 1: Japan Weekly Investment Flows

Keep reading...Show less