Bank of America Global Research discusses Japan’s household yen selling and nots that it's structural, but not overwhelming.

"Household yen selling has accelerated under new NISA, with annual foreign-asset toshin inflows rising from ¥6-7tn to ¥16tn. Cash holdings remain high, and NISA limits cannot be reached before end-2028," BofA notes.

"Yen selling should persist in 2027. But FX impact should not be overstated: Japan not an outlier; net portfolio inflows; JPY gains during Tokyo hours," BofA adds.