A few odds and ends from Japan is about it for the session here.
At
2350 GMT are the Japan international securities flows for the week. This is going to be interesting going forward.
The data on Japanese flows into and out of foreign bonds has shown a huge flow out over the past 12 months, a record outflow. With the weakening yen over the same time period much of the realised cash has been held offshore, not repatriated to Japan. I've seen estimates of 100bn USD alone (i.e. not accounting for other currencies ) racked up offshore (i.e. non-Japan) in the last year. This week's Bank of Japan policy shift (a very mild dialling back of easy policy) allowing JGB yields to rise should, at the margin, result in a repatriation flow out of non-yen FX and into yen (i.e yen buying). Yen strength should be the result in the coming months, there's a lot to come home!
- This snapshot from the ForexLive economic data calendar, access it here.
- The times in the left-most column are GMT.
- The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.