TMGM官网：日本股市上涨，为何本土散户资金持续流向海外？

Group 1 - The Japanese financial market is witnessing a significant trend where retail investors are increasingly shifting their funds to overseas markets despite a strong domestic stock market performance [1][4] - As of November last year, Japanese retail investors net sold approximately 3.8 trillion yen in domestic stocks and related investment trusts, marking a record high in over a decade [1] - In contrast, net purchases of overseas stocks through investment trusts are nearing a record level of approximately 9.4 trillion yen [1] Group 2 - Key factors driving this trend include a weakening yen, which enhances the attractiveness of overseas assets, particularly U.S. tech stocks, due to additional returns from currency exchange [4] - Long-standing market habits, where investors have developed a tendency to sell high and take profits, continue to influence funding decisions despite changes in market conditions [4] - The introduction of tax-exempt investment accounts in Japan has lowered investment barriers, facilitating the flow of funds to overseas markets [4] Group 3 - Continuous capital outflow is putting pressure on the yen's exchange rate, as the yield gap between Japanese and U.S. government bonds remains significant, and domestic real interest rates are in negative territory [4] - Current allocations by Japanese retail investors are heavily concentrated in overseas tech stocks, which are at historically high valuations, raising concerns about potential market volatility if the global tech investment boom adjusts [4] - Analysts suggest that investors may need to consider diversifying their asset allocations in the future [4]