Looking at Japanese claims on foreign entities, we can observe the markets where Japan investors have the largest footprint
In dollar terms, Australia and U.S. come on top. The former moves in line with the broad carry trade as yen funding goes into high yielders like the AUD
Japan foreign claims on French entities have been reduced through the last couple of quarters, however, the dollar amount remains higher than in Germany
The size of invertors' footprint comes into desks radar as a potential change in policy from the BoJ could affect these markets
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