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French Connection Bodes Ill for Japan Stocks: Chart of the Day

French investors are piling into Japanese stocks again, a sign to Nomura Holdings Inc. that the market is poised to fall.

The CHART OF THE DAY shows France’s asset managers were the largest net buyers of Japanese shares over the two months of November and December 2013, when the Topix index rose 9.1 percent. They turned into the biggest sellers the next two months, central bank data show, as the equity gauge tumbled 7 percent. French investors returned to the top buying rank in October, an indicator to Nomura that history may repeat.