The survey was conducted in April and May, after the largest earthquake on record in Japan that caused a record drop in industrial output and slides in consumer and corporate sentiment. Economists surveyed by Bloomberg News predict the slump will continue into this quarter.
Bond funds recorded net inflows of $329 billion in the second quarter, an increase of 12 percent from the previous three months, the survey said.
"Yields on bonds remain attractive to those investors that seek stable returns in a low interest-rate environment," Lee said. "However, if the cloud over the stock markets is gone, funds may return to equity funds in the next two quarters."