海外投资者净买入日股创12年以来新高

Core Viewpoint - Overseas investors are returning to the Japanese stock market, with net purchases exceeding 5 trillion yen in 2025, marking a potential annual high since the launch of Abenomics in 2013 [2][4]. Group 1: Investment Trends - The first wave of increased buying by overseas investors began in April due to the "Trump tariff shock," which prompted a shift from a heavy focus on the U.S. market to Japan [5]. - The second wave started in mid-September following the election of Kishi Nobuo as the president of the Liberal Democratic Party, with weekly net purchases exceeding 1 trillion yen after her victory [5]. - The net purchase amount by overseas investors reached 5.88 trillion yen by December 12, 2025, significantly surpassing the 3.1 trillion yen recorded in 2023 [4]. Group 2: Market Performance - The Nikkei average index saw a 24% increase in 2025 when measured in U.S. dollars, outperforming the S&P 500's 14% increase, marking the first time in four years that Japanese stocks exceeded U.S. stocks in annual performance [5]. - The gap of 10 percentage points between the two indices is the largest since the 2008 financial crisis [5]. Group 3: Investor Sentiment - Investors are optimistic about Japan's economic growth under a prime minister who prioritizes economic development, as noted by Emily Badger from Man Group [5]. - North American investors have net purchased over 1 trillion yen in Japanese stocks over the past year, the highest since 2014, while European investors have net purchased 3 trillion yen, albeit with greater volatility [6]. Group 4: Future Considerations - Despite the current influx of overseas investment, the overall net purchase scale remains only one-third of the levels seen during the Abenomics era in 2013 [6]. - Concerns about potential long-term interest rate increases due to aggressive fiscal policies under Kishi's administration have led to a slowdown in the momentum of overseas purchases [6].