Japan: Investors sold nearly JPY2.18 trillion of foreign bonds - BBH

Analysts at Nomura note that in the week that ended April 7, Japanese investors sold nearly JPY2.18 trillion of foreign bonds which is the most in a year.  

Key Quotes

“In that one week, Japanese investors sold almost as much as they sold in the first three months of the year (~JPY2.65 trillion).  Consider that in the first 14 weeks of 2017, Japanese investors sold an average of JPY344 bln of foreign bonds a week.  In the 14 weeks before the US election, they bought an average of JPY327 bln a week.  The end of the fiscal year may be behind the latest repatriation.  We will be watching the weekly MOF data to see if the strong yen (though low international yields, including Treasuries, induce new buying).”