Japanese Investor Flows

Japanese investors resumed net buying of overseas long-term bonds in January 2026 as year-end adjustments ended, led by trust bank rebalancing and strong equity demand from investment trust managers.

Key Takeaways

• 1.Japanese investors returned to net buying of overseas long-term bonds in January 2026 (JPY 620bn), signaling the end of the calendar year-end adjustment phase.
• 2.Structural demand for international portfolio diversification remains intact despite rising domestic interest rates in Japan.
• 3.Flows into bonds were primarily driven by Trust Banks rebalancing out of equities into bonds on behalf of pension funds.

Table of Contents

• The year-end adjustment phase is over - JP appetite for overseas debt picks up in Jan
• Japanese flows in foreign assets
• Japan net foreign bond buying
• Contents
• Japan Portfolio Investment Flows: Weekly Data
• Monthly net flows
• Japan Balance of Payments
• Japan Net Foreign Bond Buying: 1Yr+ Bonds
• Japan Portfolio Investment Flows: By Asset Type (ITS data)
• Japan Portfolio Investment Flows: By Investor Type (ITS data)
• Japan Portfolio Investment Flows: Investor Type Seasonality (ITS)
• Japan Portfolio Investment Flows: By Region (BoP data)
• Japan Portfolio Investment Flows: By Region Seasonality (BoP)
• Japan Portfolio Investment Flows: By Currency (BoP data)
• Relative Yields: Rolling 3m FX-hedge
• Relative ASW Levels
• FX hedging Costs for Japanese Investors (3m)
• Cumulative Japanese Net Flows – All 1Yr+ Debt
• Japan Portfolio Investment Flows: Total Buying vs Selling (ITS data)

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