Recent Norms Observed In Weekly International Flow Data

The weekly international security flow data from the Japanese MoF revealed a return to net purchases of international bonds on the part of Japanese investors (a fifth such instance in six weeks), with the SVB situation factoring into late Thursday & Friday trade.

• Elsewhere, Japanese investors were a small net seller of international equities, registering the seventh straight week of net sales there.
• International investors were small net sellers of Japanese bonds in BoJ week. Net sales ahead of the BoJ meeting were smaller than in recent instances, with the Bank ultimately standing pat on policy settings, as guided.
• Finally, international investors were net sellers of Japanese equities for a third straight week, registering the largest round of net selling observed since September in the process.