Goldman Sachs said Japanese investors who typically do not hedge overseas assets show no clear sign of shifting funds into domestic assets. According to Sina Finance, strategists including Karen Reichgott Fishman wrote in a report that any change in fund flows is likely to be a slow process, and that this appears to remain the case for most unhedged investors.

Trust accounts, including public pension funds, bought $7.6 billion of foreign bonds in September, down from $14.7 billion in August. Investment trust funds, including NISA-related flows, bought a net $8.7 billion of foreign stocks, up from $8.5 billion in August. By contrast, hedged investors broadly sold foreign bonds, with banks' net sales accelerating to $15.9 billion from $8.3 billion in August, while life insurers' net sales rose to $1.9 billion from $900 million.