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23 Apr 2013
Forex Flash: Stronger preference for Japanese equities continued - Nomura
FXstreet.com (Barcelona) - Nomura Strategist Yujiro Goto notes stronger preference for Japanese equities continued and domestic investors are estimated to have sold JPY78bn (USD0.8bn) of foreign currency-denominated toshins last week, according to NRI.
He adds that there has been net selling for the second week in a row while the pace of selling slowed from the previous week (JPY 254bln). Further, he notes that Toshin companies became net buyers of foreign assets in March for the first time in five months, but the recent acceleration in JPY weakness encouraged retail investors to lock in profits, in his view. He writes, “Even though we expect toshin momentum to recover gradually, there may be more net selling due to profit-taking before we see a clear pick-up in momentum.”
He adds that there has been net selling for the second week in a row while the pace of selling slowed from the previous week (JPY 254bln). Further, he notes that Toshin companies became net buyers of foreign assets in March for the first time in five months, but the recent acceleration in JPY weakness encouraged retail investors to lock in profits, in his view. He writes, “Even though we expect toshin momentum to recover gradually, there may be more net selling due to profit-taking before we see a clear pick-up in momentum.”