Plenty To Note In Weekly International Security Flow Data

Japanese investors recorded a 7^th consecutive week of net purchases of overseas bonds last week, showing little worry in the wake of the recent uptick in global bond yields (although major benchmarks are of course still subdued in a historical sense).

• Japanese investors recorded a 5^th straight week of net purchases of foreign equities, although the latest week saw a very marginal round of net buying.
• Foreign investors broke a streak of 3 weeks of net sales of Japanese bonds, although the 4-week rolling sum of the measure remains comfortably in negative territory, holding around levels not seen since the onset of the COVID pandemic.
• Foreign investors recorded a second straight week of relatively large net purchases of Japanese equities, with the inflows perhaps surrounding the expectations re: PM Kishida's fiscal spending intentions.