Fund managers have pivoted back to Japan in the past month, in a sharp turnaround since early June that appears to confirm their newfound enthusiasm for the country since the start of this year.

According to the latest fund manager survey from Bank of America Merrill Lynch, the number of investors who are overweight Japanese equities - indicating they have put more money to work in the country's stockmarket than its standing in global indexes - exceeded the number who were underweight by 18 percentage points in July.