3.Trends are calculated using the two-sided HP filter. Source: BOJ.
Chart 11 Japanese Financial Institutions' Outward Investments in Foreign Securities 140  JPY trillions t illi Banks (depository corporations) Insurance and pension funds  120  Insurance and pension funds (including public pensions) Securities investment trusts  100  80  60  40  20  0 CY  1998  2000  02  04  06  08  10  12  14  16  Notes: 1.