Goldman Sachs said that Japanese investors, who usually do not hedge against overseas assets, “have no obvious signs” of shifting capital to domestic assets. Strategists such as Karen Reichgott Fishman wrote in the report, “We have always believed that any change in capital flow may be a slow process, and so far, this seems to be the case for most unhedged investors.” Trust accounts, including public pension funds, made net purchases of 7.6 billion US dollars of foreign bonds in September, down from 14.7 billion US dollars in August. Investment trust funds, which include NISA capital flow, made net purchases of foreign stocks of US$8.7 billion, up from US$8.5 billion in August. In contrast, investors with hedging operations generally sell off foreign bonds. Among them, net bank sales accelerated from 8.3 billion US dollars in August to 15.9 billion US dollars, and life insurance companies' net sales increased from 900 million US dollars in August to 1.9 billion US dollars.

Goldman Sachs said that Japanese investors, who usually do not hedge against overseas assets, “have no obvious signs” of shifting capital to domestic assets. Strategists such as Karen Reichgott Fishman wrote in the report, “We have always believed that any change in capital flow may be a slow process, and so far, this seems to be the case for most unhedged investors.” Trust accounts, including public pension funds, made net purchases of 7.6 billion US dollars of foreign bonds in September, down from 14.7 billion US dollars in August. Investment trust funds, which include NISA capital flow, made net purchases of foreign stocks of US$8.7 billion, up from US$8.5 billion in August. In contrast, investors with hedging operations generally sell off foreign bonds. Among them, net bank sales accelerated from 8.3 billion US dollars in August to 15.9 billion US dollars, and life insurance companies' net sales increased from 900 million US dollars in August to 1.9 billion US dollars.