The record rally on the Tokyo Stock Exchange is so powerful that one of the most prominent buyers is sitting on the sidelines.
The Bank of Japan, which props up the equity market by investing in exchange-traded funds, has dramatically reduced its buying in October. That comes as the Nikkei 225 average boasts a 16-day winning streak, the longest run in history.
The BOJ has spent ¥18 billion on ETFs so far this month, compared with an average monthly purchase of ¥505 billion in 2017.