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Japan’s largest money managers appear to have come to a consensus about where to allocate their sustainable investment portfolios: anywhere but Japan.

The country’s four largest environment, social and governance (ESG) funds have put at least 95% of their net assets in foreign stocks as of this month, according to data compiled by Bloomberg, devoting only a small fraction of their ¥1.4 trillion ($12.1 billion) to domestic holdings.

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