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Offshore Investors Offload Equities, Japan Investors Sell Offshore Bonds

JAPAN DATA

Offshore investors sold down their local Japan equity holdings for the second straight week. -¥670.5bn in net outflows from this space was the largest weekly outflow since the second last week of March this year. This fits with the price action around Japan equities and general risk aversion we saw through last week. Tech sentiment has seen stabilized somewhat in global markets, so flows may stabilize for this week.

  • Offshore investors were meaningful buyers of local bonds, nearly ¥1200bn in net inflows. This was the largest weekly inflow since the middle of May. It doesn't arrest the negative trend in terms of outflows seen since March though.
  • In terms of Japan outbound flows, we saw another -¥700.5bn in net selling of offshore bonds. This keeps the trend in place of net outflows, which fits with the unattractive investment proposition of offshore bonds (on a hedged FX basis) for local investors.
  • Local investors added to offshore equity holdings.

Table 1: Japan Weekly Investment Flows

Billion YenWeek ending July 26Prior Week
Foreign Buying Japan Stocks -670.5-56.9
Foreign Buying Japan Bonds 1199.4-352.7
Japan Buying Foreign Bonds-700.5-730.7
Japan Buying Foreign Stocks230.412.1

Source: MNI- Market News/Bloomberg

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