yen appreciation

GPIF Portfolio Stability and Japanese Investment Trends Ahead of 2025 Strategy

In February 2025, Japanese investors net purchased JPY3.0trn ($19.5bn) of foreign securities (equities + long-term bonds), the largest net purchase since August 2024 (Fig. 2 ). The main contributor was net purchases of foreign bonds by pension funds and banks (Fig. 3 ). 

Japanese Investment Trends: GPIF, Foreign Flows, and Bond Market Shifts