And flee Japan. After dumping their Tokyo stock holdings for four of the past five months, foreigners are on track for their biggest annual EXODUS since 1987.
Back then, they were fleeing bubbly valuations and the BLACK MONDAY crash. This time, they’re fed up with Shinzo Abe’s ineffectual economic policies and the surging yen.
The US$59 billion outflow, bigger than in any of the 33 markets tracked by Bloomberg, helps explain why unprecedented exchange-traded fund purchases by the Bank of Japan have failed to prevent a 12 percent slide in Tokyo’s Topix index this year.
With overseas funds pulling out faster than the BOJ can buy, some of the world’s biggest investors say there’s little hope for a market revival anytime soon.
