And third, the Bank has been purchasing exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs) so that their amounts outstanding increase at an annual pace of about 1 trillion yen and about 30 billion yen, respectively.
During the latter part of 2009 this pattern of flows began to change, in line with the changing pattern of global flows, and to date in 2010 non-residents have purchased R70,9 billion of bonds and R22,2 billion of equities. What has also changed is the nature of these inflows into bonds.