The latest round of weekly Japanese...........>

JAPAN: The latest round of weekly Japanese international security flow data

revealed that both Japanese purchases of foreign bonds and foreign purchases of

Japanese paper moderated, resulting in minor pull backs in the 4-week rolling

sum of purchases for both, although both rolling metrics continue to hold well

into positive territory.

- This would indicate that touted repatriation effects ahead of the Japanese FY

end haven't resulted in Japanese investors shedding foreign paper as of yet.

- On the equity front, foreign investors dumped some Y1.159tn worth of Japanese

stocks, pushing the 4-week rolling sum of the metric deeper into negative

territory. Meanwhile, Y624bn worth of foreign equity purchases made by Japanese

investors was enough to push the 4-week rolling sum of the metric into positive

territory for the first time since early December, perhaps pointing to a

willingness to buy the latest dip in U.S. equities.