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Investors Trading Trends in Japanese Stock Market：An Analysis for August 2025

2025年09月09日

（森下 千鶴） 株式

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In August 2025, the Nikkei 225 rose for the fifth consecutive month, reaching a new all-time high. In early August, the index temporarily declined due to weakness in semiconductor stocks and soft U.S. employment data. However, rising expectations of U.S. rate cuts and a weaker yen provided support, and the Nikkei held above the 40,000 level. In mid-August, stronger-than-expected earnings from major domestic companies and the release of positive April–June GDP flash estimates lifted the index. On the 13th, it climbed above 43,000 for the first time, and on the 19th, it rose as high as 43,714. In late August, while Fed Chair Powell’s remarks at the Jackson Hole symposium fueled expectations for U.S. rate cuts, concerns over the Fed’s independence and comments by President Trump acted as headwinds, resulting in a mixed market tone. The Nikkei maintained high levels and ended the month at 42,718. By investor type, foreign investors and business corporations were net buyers, while individuals and trust banks were net sellers (as shown in Figure 1).
The trading by type of investors in August 2025 (August 4 to 29) shows that foreign investors were the largest net buyers, with a total net purchase of 1.517 trillion yen in cash equities and futures (as shown in Figure 2). This marked their fourth consecutive month of net buying since May 2025. On a weekly basis, they recorded especially large net buying of 1.759 trillion yen in the second week (August 12 to 15), when the Nikkei surpassed the 43,000 level for the first time. This was likely supported by growing expectations for U.S. rate cuts and easing concerns over the impact of tariffs on corporate earnings following strong results from major domestic companies.
In August, business corporations were also net buyers, with a total net purchase of 1.069 trillion yen in cash equities and futures (as shown in Figure 3). This marked their 51st consecutive month of net buying, driven by continued share buybacks.
On the other hand, individuals were the largest net sellers in August, with a total net sale of 1.133 trillion yen in cash equities and futures (as shown in Figure 4). They have been net sellers for six consecutive months since March 2025. On a weekly basis, they sold in the first and second weeks as the Nikkei rose to record highs, but shifted to net buying in the third and fourth weeks when the market turned more range-bound.
Trust banks were also net sellers in August, with a total net sale of 862.6 billion yen in cash equities and futures (as shown in Figure 5). This marked their fourth consecutive month of net selling since May 2025. On a weekly basis, they consistently recorded net sales from the first to the fourth week of August.

金融研究部   研究員

森下 千鶴（もりした ちづる）

研究領域：医療・介護・ヘルスケア

研究・専門分野
株式市場・資産運用

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経歴 ＋ －

【職歴】
　2006年 資産運用会社にトレーダーとして入社
　2015年 ニッセイ基礎研究所入社
　2020年4月より現職

【加入団体等】
　・日本証券アナリスト協会検定会員
　・早稲田大学大学院経営管理研究科修了（MBA、ファイナンス専修）

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