Japan: Capital account data showed that repatriation flow eased – RBC CM

Analysts at RBC Capital Markets explain that Japan’s March current account surplus was JPY1.7trn (in line with consensus) as the capital account data showed that repatriation flow eased in the month, as had been apparent from the weekly MoF releases.

Key Quotes

“Subsequently, these data have shown renewed heavy selling of overseas bonds by Japanese investors and the latest weekly release for the week to last Friday did not change this. The detail of the March data showed smaller net selling of French bonds (JPY0.9trn) after very heavy selling in February.”