The real point of note in the weekly..........>

JAPAN: The real point of note in the weekly Japanese international security

flows data was that Japanese buying of foreign bonds was back with avengeance.

- The previous week had seen Japanese investors shed ~Y910bn worth of foreign

bonds on a net basis, with some suggesting that they were using the latest rally

in global FI to shed exposure. The latest week saw Japanese investors scoop up a

net Y1.4957tn worth of foreign paper (the largest round of weekly net purchases

seen since early June), propelling the 4-week rolling sum of the measure back

above Y1.2tn, after it sat around flat levels in the previous week. Maybe

Japanese investors added to their BTP exposure in light of the latest political

developments in Rome, but that is pure speculation on our part.

- There was little else of note in the details of the release.