Macro Strategy Insight: June foreign bond and equity transactions and investor trends

Research evidence excerpt

Macro Strategy Insight: June foreign bond and equity transactions and investor trends

Global Markets Research

9 July 2026Macro Strategy Insight

Macro Strategy - Japan

Research AnalystsJune foreign bond and equity transactions and

Strategyinvestor trends

Naka Matsuzawa - NSC

Banks shrink their foreign bond positions again; buying of foreign equities naka.matsuzawa@nomura.com

by toshin stalls +81 3 6703 3864

• BankswereaggressivesellersofforeignbondsinJuneasrenewedexpectationsfor

Fedratehikespressedthemintodownsizingtheirpositions

• Lifersweremodestsellersofforeignbondsandhavenotyetbegunreturningto

Japanesebonds

• Pensionfundscontinuedtoshiftfromforeignequitiestoforeignbonds,andhitpause

onshiftingfromforeignassetstoJapaneseassetsdespitetheweakJPY

• Toshincontinuedtobuyforeignequities,butgrowthwaslackluster

In this report, we analyze Japanese investor trends based on the June International

Transactions in Securities (Figure 1, Figure 2). In June, Japanese investors sold

JPY18.0bn in foreign bonds and JPY 51.1bn in foreign equities overall. The four main

types of investors (banks, life insurers, trust banks, and toshin [investment trust

management companies]) sold JPY583.2bn in foreign bonds and JPY15.1bn in foreign

equities (broker-dealers and other entities account for the differences between the totals

for these four investor types and the overall totals). Foreign bonds were net sold for the

first time in three months, although in terms of the general trend, the selling began back in

October 2025. Foreign equities were net sold for the third month in a row. The weekly data

shows that foreign bonds were net sold only in the fourth week of the month (left-hand

graph, Figure 3; data for the fifth week of June is not yet available at the time of writing).