"Five Sigma" Evidence Of Japanese Repatriation: Meet The Country That Sold The World

Courtesy of Sean Corrigan, we share this stunning chart of Japanese relative buying/selling of foreign stocks denominated in USD (and thus subsequently needing to be converted to JPY). Having swung in what is largely a one standard deviation range, in the last month the ratio of foreign buying to selling plummeted to the lowest in the past decade, and possibly ever: the relative dumping of foreign stock is easily the most pronounced five sigma event of recent times, and has been largely unnoticed. Want empirical evidence of repatriation? There you have it, in not one, not two, but five standard deviations. But don't tell the G7, or Steve Liesman. There is no such thing as repatriation following the country's biggest natural disaster in... ever.