In April, foreign investors purchased a record ¥8.2 trillion ($57 billion) in Japanese equities and bonds, driven by market volatility and the “de-dollarisation” trend following Donald Trump’s tariff policies. This marked the largest monthly inflow since records began in 2005, with notable net purchases of $25.5 billion in equities and $31.5 billion in long-term bonds. As markets stabilize with Trump’s temporary pause on additional tariffs, the future of this surge in Japanese asset buying remains uncertain, reflecting broader concerns about the US dollar’s safe haven status.