Hi Peter,


Thank you for this study.
Here is probably the reason:

Name: BOJ Nirp.gif Views: 1775 Size: 31.0 KB

If Japanese pension funds need to acquire US equities, the only possibility is during opening hours, because the available volume exists only during US market opening hours.

This is probably another sign that Japan's NIRP policy is holding the US markets up for now.
We need to track the BOJ meeting dates and see when they intend to revert their NIRP policy, because this could "crash" US equities.



Pascal