Institutions continued the buying momentum from Q4 to Q1 as all recorded net capital inflows during the period for the third consecutive quarter. Japan saw the greatest level of net purchases in the quarter, posting a 3.6% net increase, driven by the Bank of Japan’s continued commitment to easy monetary policy in an effort to attain its 2% inflation target. Europe posted a 2.5% net increase, comparing favorably t o last quarter’s 0.9% net increase in capital flows. Q1 saw more modest security prices changes, with North America and Europe coming in at +2.2% and +1.7%, respectively, down from last quarter’s 9.4% and 8.1% gains. Latin America saw a 1.8% advance in security prices, a large swing from the prior quarter’s 16.8% drop as the region recovers from political and economic turmoil.