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<p>外国投资者在截至 4 月 4 日的一周内向东京上市股票注入了创纪录的 2.96 万亿日元（186.5 亿美元），结束了连续三周的抛售，缓解的地缘政治紧张局势和财政年度末的交易模式吸引了买家重返日本市场。</p>
<p>财政部数据显示，这一流入标志着海外投资者在 3 月份大量抛售后的急剧反转。</p>
<p>随着投资者对美国和伊朗之间的临时停火能够维持的信心增强，反弹出现，缓解了对更广泛地区冲突的担忧，并帮助恢复了亚洲风险资产的需求。</p>
<p>日本股市迅速做出反应。</p>
<p>日经 225 指数在周三上涨了 5.39%，触及三年来的最高点，买盘遍及蓝筹股，出口商和其他周期性股票成为主要受益者。</p>
<h2>外资流入回归</h2>
<p>最新的周度数据突显了海外投资者对日本股票的情绪变化之快。</p>
<p>外国投资者在 3 月份抛售了约 7.37 万亿日元的日本股票，但在新财政年度开始时强势回归。</p>
<p>这种波动的部分原因似乎反映了季节性，而不是基本面的整体变化。</p>
<p>在日本财政年度结束时，外国金融机构通常会将日本的股权转移到离岸机构，以便获得与股息相关的税收优势，并更有效地管理投票权。</p>
<p>这往往会在 3 月份造成人为的抛售压力，随后在 4 月初反弹。</p>
<p>野村的分析师北冈智佳表示，这些季节性流动可能加剧了反弹，因为投资者解除在财政年度末前建立的头寸。</p>
<h2>停火提振市场情绪</h2>
<p>地缘政治情绪的改善给投资者提供了额外的理由重新进入市场。</p>
<p>对美伊对峙缓解的宽慰支持了全球风险资产的广泛反弹，而日本的股市是最明显的受益者之一。</p>
<p>这次反弹不仅仅反映了空头回补。</p>
<p>投资者回归大型流动性股票，这些股票在信心改善期间往往吸引外国资金，表明这一举动至少部分是由新的配置驱动，而不仅仅是战术性重新定位。</p>
<p>这很重要，因为日本一直是全球基金寻求在不承担同等程度直接中国风险的情况下接触亚洲的首选市场。</p>
<p>当地缘政治紧张局势缓解时，市场往往成为重新获得外国流入的早期受益者。</p>
<h2>债券需求保持强劲</h2>
<p>根据数据，海外投资者在此期间还购买了 2.46 万亿日元的日本长期债券。</p>
<p>这发生在基准日本政府债券收益率攀升至近三十年来的最高水平之际，提高了固定收益对国际投资者的吸引力。</p>
<p>股票和债券需求的同时上升表明对日本资产的更广泛重新评估。</p>
<p>国内收益率的上升使日本的债券市场愈发引人注目，而外部风险情绪的稳定则帮助股票重新获得动能。</p>
<h2>投资者将关注什么</h2>
<p>现在的关键问题是，外国购买的反弹在季节性效应消退后是否能够持续。</p>
<p>如果未来几周流入继续，投资者可能会将其视为日本反弹得到了全球资产配置者更深层次支持的证据。</p>
<p>目前，创纪录的每周股票流入、强劲的债券需求以及日经指数三年来的高点表明，海外投资者再次愿意增加对日本的投资，只要地缘政治背景保持平静，国内收益率保持支持。</p>
<p>日本股票在经历三周抛售后吸引创纪录的 186 亿美元外资流入的文章首次出现在 Invezz 上。</p>

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<p>外资在截至 4 月 4 日的一周内对东京上市股票的投资创下了 296 万亿日元（186.5 亿美元）的纪录，扭转了连续三周的卖出趋势。这一涌入受到地缘政治紧张局势缓解和财年末交易模式的推动。日经 225 指数上涨了 5.39%，达到了三年来的最高点，市场信心恢复。此外，外资还购买了 2.46 万亿日元的日本长期债券，表明对日本资产的重新评估。随着季节性影响的减弱，这一外资购买反弹的可持续性仍有待观察</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2025/05/image-48.webp" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2025/05/image-48.webp"/></p>
<p>Foreign investors poured a record2.96trillion yen ($18.65 billion) into Tokyo-listed shares in the week ended April4, reversing three straight weeks of selling as easing geopolitical tensions and fiscal year-end trading patterns drew buyers back into Japan’s market.</p>
<div class="lb-trans"><p>外国投资者在截至 4 月 4 日的一周内向东京上市股票注入了创纪录的 2.96 万亿日元（186.5 亿美元），结束了连续三周的抛售，缓解的地缘政治紧张局势和财政年度末的交易模式吸引了买家重返日本市场。</p>
</div><p>Ministry of Finance data showed the inflows marked a sharp turnaround after overseas investors had sold heavily through March.</p>
<div class="lb-trans"><p>财政部数据显示，这一流入标志着海外投资者在 3 月份大量抛售后的急剧反转。</p>
</div><p>The rebound came as investors grew more confident that a temporary truce between the US and Iran would hold, easing fears of a broader regional conflict and helping revive appetite for risk assets across Asia.</p>
<div class="lb-trans"><p>随着投资者对美国和伊朗之间的临时停火能够维持的信心增强，反弹出现，缓解了对更广泛地区冲突的担忧，并帮助恢复了亚洲风险资产的需求。</p>
</div><p>Japan’s stock market responded quickly.</p>
<div class="lb-trans"><p>日本股市迅速做出反应。</p>
</div><p>The Nikkei225climbed5.39%on Wednesday and touched a three-year high as buying spread across blue-chip stocks, with exporters and other cyclical shares among the main beneficiaries.</p>
<div class="lb-trans"><p>日经 225 指数在周三上涨了 5.39%，触及三年来的最高点，买盘遍及蓝筹股，出口商和其他周期性股票成为主要受益者。</p>
</div><h2>Foreign inflows return</h2>
<div class="lb-trans"><h2>外资流入回归</h2>
</div><p>The latest weekly reading underscores how quickly overseas sentiment towards Japanese equities can shift.</p>
<div class="lb-trans"><p>最新的周度数据突显了海外投资者对日本股票的情绪变化之快。</p>
</div><p>Foreign investors had dumped about7.37trillion yen of Japanese stocks in March, but stepped back in force at the start of the new fiscal year.</p>
<div class="lb-trans"><p>外国投资者在 3 月份抛售了约 7.37 万亿日元的日本股票，但在新财政年度开始时强势回归。</p>
</div><p>Part of that swing appears to reflect seasonality rather than a wholesale change in fundamentals.</p>
<div class="lb-trans"><p>这种波动的部分原因似乎反映了季节性，而不是基本面的整体变化。</p>
</div><p>Around the end of Japan’s fiscal year, foreign financial institutions often move Japanese shareholdings to offshore arms in order to capture dividend-related tax advantages and manage voting rights more efficiently.</p>
<div class="lb-trans"><p>在日本财政年度结束时，外国金融机构通常会将日本的股权转移到离岸机构，以便获得与股息相关的税收优势，并更有效地管理投票权。</p>
</div><p>That tends to create artificial selling pressure in March, followed by a rebound in early April.</p>
<div class="lb-trans"><p>这往往会在 3 月份造成人为的抛售压力，随后在 4 月初反弹。</p>
</div><p>Tomochika Kitaoka, an analyst at Nomura, said those seasonal flows likely amplified the rally as investors unwound positions built before the fiscal year-end.</p>
<div class="lb-trans"><p>野村的分析师北冈智佳表示，这些季节性流动可能加剧了反弹，因为投资者解除在财政年度末前建立的头寸。</p>
</div><h2>Truce lifts market mood</h2>
<div class="lb-trans"><h2>停火提振市场情绪</h2>
</div><p>The improvement in geopolitical sentiment gave investors an additional reason to buy back into the market.</p>
<div class="lb-trans"><p>地缘政治情绪的改善给投资者提供了额外的理由重新进入市场。</p>
</div><p>Relief that the US-Iran stand-off had eased supported a broad-based rebound in global risk assets, and Japan’s equity market was one of the clearest beneficiaries.</p>
<div class="lb-trans"><p>对美伊对峙缓解的宽慰支持了全球风险资产的广泛反弹，而日本的股市是最明显的受益者之一。</p>
</div><p>The rally reflected more than short covering.</p>
<div class="lb-trans"><p>这次反弹不仅仅反映了空头回补。</p>
</div><p>Investors returned to large, liquid stocks that tend to attract foreign money during periods of improving confidence, suggesting the move was driven at least in part by fresh allocations rather than purely tactical repositioning.</p>
<div class="lb-trans"><p>投资者回归大型流动性股票，这些股票在信心改善期间往往吸引外国资金，表明这一举动至少部分是由新的配置驱动，而不仅仅是战术性重新定位。</p>
</div><p>That matters because Japan has remained a favoured market for global funds seeking exposure to Asia without taking on the same degree of direct China risk.</p>
<div class="lb-trans"><p>这很重要，因为日本一直是全球基金寻求在不承担同等程度直接中国风险的情况下接触亚洲的首选市场。</p>
</div><p>When geopolitical tension eases, the market often becomes an early recipient of renewed foreign flows.</p>
<div class="lb-trans"><p>当地缘政治紧张局势缓解时，市场往往成为重新获得外国流入的早期受益者。</p>
</div><h2>Bond demand stays firm</h2>
<div class="lb-trans"><h2>债券需求保持强劲</h2>
</div><p>Overseas investors also bought2.46trillion yen of Japanese long-term bonds during the period, according to the data.</p>
<div class="lb-trans"><p>根据数据，海外投资者在此期间还购买了 2.46 万亿日元的日本长期债券。</p>
</div><p>That came as yields on benchmark Japanese government bonds climbed towards their highest levels in nearly three decades, improving the appeal of fixed income for international investors.</p>
<div class="lb-trans"><p>这发生在基准日本政府债券收益率攀升至近三十年来的最高水平之际，提高了固定收益对国际投资者的吸引力。</p>
</div><p>The simultaneous pickup in demand for both equities and bonds points to a broader reassessment of Japanese assets.</p>
<div class="lb-trans"><p>股票和债券需求的同时上升表明对日本资产的更广泛重新评估。</p>
</div><p>Higher domestic yields are making Japan’s bond market harder to ignore, while a stabilisation in external risk sentiment is helping equities regain momentum.</p>
<div class="lb-trans"><p>国内收益率的上升使日本的债券市场愈发引人注目，而外部风险情绪的稳定则帮助股票重新获得动能。</p>
</div><h2>What investors will watch</h2>
<div class="lb-trans"><h2>投资者将关注什么</h2>
</div><p>The key question now is whether the rebound in foreign buying can be sustained once the seasonal effect fades.</p>
<div class="lb-trans"><p>现在的关键问题是，外国购买的反弹在季节性效应消退后是否能够持续。</p>
</div><p>If inflows continue in the coming weeks, investors may read that as evidence that Japan’s rally has deeper support from global asset allocators.</p>
<div class="lb-trans"><p>如果未来几周流入继续，投资者可能会将其视为日本反弹得到了全球资产配置者更深层次支持的证据。</p>
</div><p>For now, the combination of a record weekly equity inflow, stronger bond demand and a three-year high in the Nikkei suggests overseas investors are once again willing to add to Japan exposure, provided the geopolitical backdrop remains calm and domestic yields stay supportive.</p>
<div class="lb-trans"><p>目前，创纪录的每周股票流入、强劲的债券需求以及日经指数三年来的高点表明，海外投资者再次愿意增加对日本的投资，只要地缘政治背景保持平静，国内收益率保持支持。</p>
</div><p>The post Japan stocks pull record $18.6B foreign inflow after 3-week selloff appeared first on Invezz</p>
<div class="lb-trans"><p>日本股票在经历三周抛售后吸引创纪录的 186 亿美元外资流入的文章首次出现在 Invezz 上。</p>
</div>

Japan stocks pull record $18.6B foreign inflow after 3-week selloff

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Japan Agricultural Cooperatives Group

Mitsubishi UFJ Financial Group, Inc.

BlackRock, Inc.

GENERATION PASS CO. LTD.

Welcia Holdings Co., Ltd.

Asset Management One Co., Ltd.

Nomura Holdings, Inc.

在连续三周的抛售之后，日本股市吸引了创纪录的 186 亿美元外资流入