Fragile Japanese stock demand and supply

From the supply and demand perspective, it is widely known that overseas investors are the primary driving force behind the Japanese stock market.
If there are buyers, there are certainly sellers, so the post-event supply and demand will align.
Prices in the market are determined by supply and demand, but the price at which they reconcile depends on which side's will is stronger. Overseas investors are strong investors who will buy once they decide to buy. If there are no circumstances such as a fundamental change in the pension portfolio, there are no domestic investors as strong as them.

As the next graph shows, when overseas investors buy, stock prices rise; when they sell, they fall.

Next, we will look at (1) the overall supply and demand trend including other investors, and (2) the investment status of overseas investors in spot and futures. This reveals both the positive points and the risks for the Japanese stock market.