Bank of America survey shows investors are withdrawing from Japanese stocks and the global banking sector

The survey found that fund managers' confidence in bank stocks outperforming other sectors is at its lowest level since October 2024. According to analysts at Bank of America, in recent years, along with technology stocks, the banking sector has been a main driver of the global equity bull market. Meanwhile, confidence in Japanese stocks is at its lowest level since November 2024. A net 11% of surveyed fund managers are underweight Japanese equities, a figure that is down 25 percentage points from March.