"Of particular interest, Mrs Watanabe likes Brazilian bonds. Holdings of Brazil fixed income instruments stood at JPY1.34 trillion in February, nearly a third more than last February. Consider that a Brazilian real money market pays her 6% a year, 55 times more than she can get if she takes advantage of the government’s relaxation of the deposit limit. Some reports also suggest keen interest in Chinese equities, but Japanese investors have a clear preference for bonds over equity, according to Ministry of Finance capital account data." - Marc Chandler