TOKYO — Overseas asset purchases by Japanese individuals through a newly revamped tax-free investment scheme have emerged as a major factor driving down the yen, with their scale likely surpassing the country’s trade deficit during the first half of this year.
Japanese investment trust management companies and asset management firms purchased 6.16 trillion yen ($38 billion) more offshore equities and investment fund shares than they have sold during the first six months, according to statistics published Monday by the Ministry of Finance.