This study examines the heterogeneous impacts of Abenomics on the Japanese stock market using fund flow data. While Fukuda (2015) identifies changes in foreign investors’ expectations from price changes in financial markets, we focus on changes in the quantity demanded of Japanese stocks. We obtain three findings. First, only foreign investors aggressively and immediately purchased Japanese stocks at the onset of Abenomics. Second, since the two years following the launch of Abenomics, foreign investment inflows into Japanese stocks have changed due to external factors originating in the United States. Third, a VAR analysis shows the heterogeneous impacts of Abenomics among investors inside and outside Japan. However, the changes in foreign investors’ expectations are short-lived in the sense that signs of permanent shifts as a result of Abenomics cannot be identified after 2014.

本研究使用资金流向数据研究了安倍经济学对日本股票市场的不同影响。尽管福田（2015）从金融市场价格变化确定了外国投资者的期望变化，但我们关注的是数量的变化日本股票的需求。我们得到三个发现。首先，只有外国投资者积极进取，并在安倍经济学开始时立即购买了日本股票。其次，自安倍经济学推出以来的两年以来，由于源自美国的外部因素，流入日本股票的外国投资发生了变化。第三，VAR分析显示了安倍经济学对日本国内外投资者的不同影响。然而，外国投资者的期望变化是短暂的，因为安倍经济学不会在2014年之后永久性地改变迹象。