It may have gone unnoticed but return of Japan outward investment notable

I posted earlier on Barclays highlighting that Japanese institutional investors increased their foreign bond investment significantly in July

Along similar lines, this (summarised) via Bank Of America / Merrill Lynch:

Japan's outward portfolio investment resurging; diverging implications

• Japan's outward portfolio investment is resurging led by banks' buying of US and French bonds
• The rapid increase partly reflect a reversal of earlier unwinding, adding to structural demand for non-yen assets
• Expect Japan investors to dip buy USD, continue buying AUD & NZD. EUR/JPY demand to remain subdued unless, until a deeper dip

Although it may have gone unnoticed as the market has much to focus on elsewhere, the return of Japan's outward portfolio investment since May has been notable. The purchase of foreign securities by Japanese investors hit a seven-year high on a 13-week base at ¥13.4tn in July. This came after a period of net selling in the spring when we thought Japanese investors were resorting to a "wait-and-see" stance due to heightened external risks.

(bolding mine)