Launch VideoU.S. Money Funds Favor Japan, Shun Euro Area
The 10 biggest U.S. money market funds boosted holdings of Japanese bank securities to $79 billion at the end of August, more than any other country, as they shift money to Asia and away from Europe.
Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc., Japan’s three biggest banks, attracted $3.5 billion from the funds, continuing a 12-month trend, a monthly survey by the Bloomberg Risk Newsletter found.
Japanese bank holdings accounted for 11.5 percent of the funds’ total holdings last month, compared with 6.8 percent a year earlier.
