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Bringing you news, views and analysis since 2013
Japanese yen

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Fund flows reflect investors’ hopes, expectations and fears for the yen

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Early April saw investors around the world digesting the implications of the Bank of Japan’s decision to double the country’s monetary base in an effort to banish deflation by 2015.

 
The BOJ’s programme has raised hopes for Japan’s economic growth, fuelled expectations of stronger Japanese investor demand for asset classes ranging from Eurozone debt to US real estate and rekindled fears that European and emerging Asian exporters will see their export competitiveness eroded by a weaker yen.
 
Flows for EPFR Global-tracked funds during the week ending April 10 mirrored – to a degree — these expectations and concerns. Europe bond funds posted their biggest weekly inflow since early December, real estate sector funds took in fresh money for the 13th time in the 15 weeks year-to-date and YTD flows into Japan equity funds climbed over the USD11bn mark while redemptions from Germany equity funds hit a 49 week high and Asia ex-Japan equity funds recorded outflows for the second time in the past three weeks.
 
Overall, a net USD3.13bn flowed into equity funds – with half of that total going to dividend equity funds – and bond funds took in USD3.52bn.
 
Alternative funds absorbed another USD953m as they extended their current inflow streak to 14 consecutive weeks.
 
At the country level it was a tough week for funds associated with the BRIC (Brazil, Russia, India and China) theme but Indonesia and Philippines Equity Funds posted record weekly inflows.

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