Foreign investors withdraw from Japanese stocks amid record highs

By Jerry  Published On February 29, 2024
Feb 29 (Reuters) – Japanese stocks experienced a slight outflow of foreign capital last week, following a series of robust purchases in previous weeks.
According to exchange data, in the holiday-shortened week ended Feb. 22, foreigners withdrew a net 2.83 billion yen (about $19 million) out of Japanese stocks, marking their first weekly sale in three weeks.
In cash equities, they ended a seven-week buying streak with withdrawals of about 78.65 billion yen on a net basis. On the contrary, they still purchased about 75.82 billion yen of derivatives contracts.
The Nikkei share average (.N225), opens new tab hit a record high of 39,426.29 on Tuesday, surpassing the 1989 bubble-era peak, driven by a tech rally, corporate governance reforms, and a weaker yen.
Both the Nikkei and the broader Topix index continued their upward trend for the fourth consecutive week.
The Nikkei jumped 1.6% last week while the broader Topix index (.TOPX), opens new tab added 1.37%.
Meanwhile, data from the Ministry of Finance indicated that overseas investors remained net sellers in the Japanese debt market for the second successive week.

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