Japan Exchange data for the week to Oct. 2 show foreign investors sold a record
JPY 2.24 tln (~$14.2 bln) of Japanese stock index futures while net buying JPY
956 bln of spot equities; combined net sales across spot and futures were about
JPY 1.28 tln. Swissquote senior analyst Ipek Ozkardeskaya said the divergence
likely caution reflects about the next leg of the rally rather than loss of
interest in Japanese stocks, and that corporate earnings—especially among AI and
semiconductor-related names—will need to validate further gains. A Mitsubishi
UFJ Morgan Stanley senior strategist characterized the flows as position
adjustments rather than a sudden rise in risk aversion.
