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Offshore Inflows Into Local Equities Continued, But Bond Selling Resumed

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Offshore investors continued purchases of local equities last week, albeit at a more modest pace. The ¥82.4bn in net inflows represented the 5th straight week of inflows into the segment. Since the start of April, we have seen just over ¥4400bn in offshore inflows into this space. In contrast, offshore investors sold local bonds, ending a 2 week run of inflows. The break higher in JGB yields in recent weeks may be weighing on sentiment in this space.

  • Japan investors were net sellers of both offshore bonds and stocks last week. For local investors selling of offshore bonds may be reflective of similar drivers. The trend has been skewed towards next selling in recent months.
  • For equities, the trend is close to flat over this period.

Table 1: Japan Weekly Investment Flows

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Offshore investors continued purchases of local equities last week, albeit at a more modest pace. The ¥82.4bn in net inflows represented the 5th straight week of inflows into the segment. Since the start of April, we have seen just over ¥4400bn in offshore inflows into this space. In contrast, offshore investors sold local bonds, ending a 2 week run of inflows. The break higher in JGB yields in recent weeks may be weighing on sentiment in this space.

  • Japan investors were net sellers of both offshore bonds and stocks last week. For local investors selling of offshore bonds may be reflective of similar drivers. The trend has been skewed towards next selling in recent months.
  • For equities, the trend is close to flat over this period.

Table 1: Japan Weekly Investment Flows

Keep reading...Show less