Japanese retail and institutional investors have continued to put money overseas in recent days, defying concerns that the global yen carry trade has been unwinding, according to fund managers and analysts in Tokyo.

The yen outflows may have helped to halt the recent appreciation of the Japanese currency, after signs that some global investors pulled out of risky assets last week and reduced their use of the carry trade – the practice of borrowing in low yielding assets, such as the yen, to buy higher-yielding assets.