JPY Monthly Flow Monitor

Research evidence excerpt

JPY Monthly Flow Monitor

Global Markets Research

8 July 2026JPY Monthly Flow Monitor

Foreign Exchange - Global

Research AnalystsNISA flows likely contributed to yen weakness in

Global FX StrategyJune

Yujiro Goto - NSC

Outward direct investment in May remained above the H2 2025 average yujiro.goto@nomura.com

pace +81 3 6703 1120

Yusuke Miyairi, CFA - NIplc

• Banks: Banks were net sellers of foreign bonds, with foreign bond selling continuing yusuke.miyairi@nomura.com

for six consecutive months, possibly reflecting the reduced attractiveness of US +44 (0) 20 7102 4145

Treasury investments via asset swaps.

Tomoki Hideshima - NSC

• Trust accounts: Trust accounts were large net sellers of foreign equities (JPY1.3trn) tomoki.hideshima@nomura.com

and large net buyers of foreign bonds (JPY1.5trn), likely reflecting rebalancing from +81 3 6703 1427

equities into bonds after strong equity market gains. Our analysis does not suggest Yuki Kodera - NSC

clear signs of a GPIF portfolio review aimed at materially raising domestic bond yuki.kodera@nomura.com

allocations at this stage. +81 3 6703 1281

• Life insurers: Life insurers were net buyers of foreign equities (JPY111bn) and

marginal net sellers of foreign bonds (JPY41bn). Lifers had shown a cautious stance

on FX-unhedged bonds in FY2026 investment plans, but we do not see large-scale

foreign bond selling so far.

• Investment trusts: Investment trusts remained net buyers of foreign equities

(JPY767bn), while selling foreign bonds (JPY120bn). NRI’s high-frequency data

suggest public investment trusts increased in size, so MOF’s data may reflect net

sales by private equity funds in June.

• Foreign investors: Foreign investors were net sellers of Japanese securities by