Back
10 Apr 2013
Forex Flash: Mixed signs from toshin data - Nomura
Nomura Strategist Yujiro Goto notes that there were mixed signs from todays toshin data, with Japanese investors estimated to have purchased JPY 47bln of foreign currency-denominated toshins last week according to the NRI.
He sees that there has been net buying for the second week in a row, while the pace of selling slowed from the previous week (JPY169bn). Toshin companies became net buyers of foreign securities for the first time in five months in March, suggesting toshin momentum is recovering. He writes, “Consumer confidence has been improving amid expectations for bold policy responses by the BOJ and the government, showing households risk appetite is now much higher than a few months ago.” Thus, he expects toshin momentum to keep recovering gradually, sending JPY lower against major currencies
He sees that there has been net buying for the second week in a row, while the pace of selling slowed from the previous week (JPY169bn). Toshin companies became net buyers of foreign securities for the first time in five months in March, suggesting toshin momentum is recovering. He writes, “Consumer confidence has been improving amid expectations for bold policy responses by the BOJ and the government, showing households risk appetite is now much higher than a few months ago.” Thus, he expects toshin momentum to keep recovering gradually, sending JPY lower against major currencies