Japanese stocks have experienced a 13-day consecutive gain, marking their longest winning streak since August 2009. Foreign investors purchased $57 billion worth of Japanese assets, including equities and bonds, last month—the highest level recorded in at least 20 years. Specifically, Japanese foreign bond investments reached ¥1,923.2 billion, significantly exceeding the previous ¥435.2 billion, while foreign stock investments in Japan totaled ¥250.8 billion, up from ¥133.8 billion. In the United States, equity ETFs have attracted around $1.5 billion in net inflows over the past month, the largest since February, reversing a $5 billion outflow at the start of April. Sector rotations within US equities show increased inflows in High Yield, Health Care, and Small Cap sectors, while outflows are noted in Treasury, Technology, and Broad Market sectors. The largest ETF flows over the past week include $VOO ($3.6 billion), $QQQ ($3.5 billion), $SPY ($2.5 billion), $IWM ($1.9 billion), and $TLT (-$1.6 billion). Year-to-date, US ETF flows have reached $400 billion, with $VOO leading at $60 billion, on pace to finish with $164 billion, 60% ahead of last year's record. Leveraged ETFs have also seen their largest monthly inflows since 2020, driven by bets on technology, gold, and artificial intelligence. Investor sentiment remains cautiously optimistic, influenced by the recent U.S.-China tariff truce and a preference for index funds and ETFs.