19 December 2025 | 12:31PM EST Economics Research GLOBAL MARKETS ANALYST An Investor's Guide to Japanese Portfolio Flows Karen Reichgott Fishman +1(212)855-6006 | karen.fishman@gs.com Goldman Sachs & Co. LLC Lexi Kanter +1(212)855-9701 | alexandra.kanter@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. ...