Reports last week in the Nikkei stated that flows into funds targeting foreign investments by Japanese investors were higher than domestic investment flows. More data reported by the Nikkei this morning confirms those flows and continues to be a factor fueling JPY weakness and JPY cross buying. The Nikkei cited data from the Japanese Investment Trusts Association.
It reports that the balance of stocks held by investment trusts rose to a record Y23.44 tln, up 21% on the year, though stock funds targeting domestic shares have actually seen net outflows now for the sixth straight month. The rise in overall trusts has been fuelled by the demand for foreign stock trusts, which total Y7.87 tln. Domestic stock holdings are currently at Y15.56 tln. USD/JPY continues to stabilize around 120.25 after the morning sell-off.
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