Japan emerged as India's largest FDI source in Q1 FY27, investing $5.71 billion between April–June 2026 — surpassing its entire FY26 contribution of $3.74 billion. Japanese investments accounted for ~29% of India's total equity inflows of $19.81 billion. MUFG Bank's $4.4 billion stake in Shriram Finance was the quarter's biggest deal.