FX Insights: Foreign Exchange - Asia ex-Japan

Research evidence excerpt

FX Insights: Foreign Exchange - Asia ex-Japan

Global Markets Research

13 July 2026FX Insights

Foreign Exchange - Asia ex-Japan

Research AnalystsStrong inflows into US equity funds continue in

Asia FX StrategyJuly

Craig Chan - NSL

• Foreign inflows into US-focused funds totaled USD3.2bn between 3 and 9 July, owing craig.chan@nomura.com

to strong inflows into equity funds (USD3.2bn), while flows into bond funds stayed flat. +65 6433 6106

Wee Choon Teo - NSL • MTD July inflows into US-focused equity funds totaled USD4.4bn, tracking close to the weechoon.teo@nomura.com

USD4.9bn of inflows over a similar period in June. +65 6433 6107

• Inflows into EM-focused ETFs remained anaemic, rising to USD514mn between 3 and Vicky Chen - NSL

9 July from inflows of USD269mn in the previous week. vicky.chen1@nomura.com

+65 6433 6540

• Korea’s retail investors net sold USD84mn of US portfolio assets between 4 and 10

July, reversing from net buying of USD21mn in the previous week. Manthan Shingala - NSL

manthan.shingala1@nomura.com

• Taiwan's investors net sold USD253mn of USD-denominated bond funds between 3 +65 6433 6427

and 9 July, following net selling of USD975mn in the previous week.

Fig. 1: Summary of flows into US securities

Foreign investments in US- Taiwan investments

EM-focused ETFs Korea retail investments

focused funds (ETF and MF) in local ETFs

US Equity US USD-denominated

USD mn US Bonds Total Bond funds Total US Bonds Total

Equities funds Equities Bonds

Latest week (5 sessions) 3,164 59 3,223 307 208 514 -58 -26 -84 -253

Previous week (previous 5 sessions) 3,617 -1,733 1,885 137 132 269 160 -139 21 -975

Monthly flow in July 4,449 436 4,885 874 368 1,242 340 -113 228 -253

Monthly flow in June 13,555 -2,655 10,900 2,306 771 3,077 633 -167 466 -2,068