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Offshore Investors Dump Local Bonds

JAPAN DATA

We saw a further loss of momentum in offshore buying of Japan stocks in the week ending August 4. Modest outflows of
-¥59.4bn were recorded, versus ¥195.7bn of inflows in the week prior. Last week was the first outflow since mid June and the average pace of inflows lost momentum over July.

  • Offshore investors were large sellers of Japan bonds, -¥1966, which was the biggest outflow since mid January of this year. This comes amid renewed upside pressure in JGB yields, although in recent sessions, sentiment has stabilized somewhat (10yr JGB yield back sub 0.60%).
  • In terms of Japan outbound flows, we saw foreign purchases of offshore bonds pick up (¥438.8bn), but selling of offshore stocks continued (-¥352.2bn).

Table 1: Japan Weekly Investment Flows

Billion YenWeek ending August 4Prior Week
Foreign Buying Japan Stocks -59.4195.7
Foreign Buying Japan Bonds -1966.0-166.1
Japan Buying Foreign Bonds438.8211.7
Japan Buying Foreign Stocks-352.2-12.2

Source: MNI - Market News/Bloomberg

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