Kind of obvious, it was Japan.
Here’s Citi on the mechanics:
Japan the Only Region With Net Inflows WoW — Within global equities Japan, surprisingly, was the only region which recorded net inflows over the last week of $86mn (0.2% of AUM). However, there was a large difference in ETF and non-ETF fund flows. Non-ETF funds suffered from redemptions of $700mn (3% of AUM), which were more than offset by net inflows of $785mn (3.4% of AUM) into ETF only funds. Presumably, much of this strong demand for Japanese ETF assets reflects the BOJ’s Asset Purchase Program, which allows it to intervene in the equity market. Kenji Abe, Citi Japan Strategist, suggests the BOJ made $370mn of ETF purchases over the week. EPFR says it may also reflect the technical impact of investors seeking to take short positions on Japanese equities.
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