By Sam Forgione
NEW YORK, May 23 (Reuters) - Investors in funds based in the United States poured $1.51 billion into Japanese stock funds in the latest week, marking the longest streak of inflows into the funds on record, data from Thomson Reuters’ Lipper service showed on Thursday.
The latest inflows in the week ended May 22 marked the 27th straight week of cash gains into funds that hold Japanese stocks. The latest demand was for exchange-traded funds, which attracted $1.52 billion, while mutual funds that hold Japanese stocks saw slight outflows of $14.8 million.
The Nikkei average had risen 50 percent by the end of Lipper’s reporting period in the wake of the Bank of Japan’s announcement on April 4 that it would inject $1.4 trillion into the nation’s economy in less than two years to fight deflation. The index, which hit a 5-1/2-year high on Tuesday, rose 3.5 percent over the reporting period.
All stock funds based in the U.S. reported total inflows of $6.36 billion in the week ended Wednesday, down from inflows of $8.9 billion the prior week, which were the most in nine weeks.
Funds that hold only U.S. stocks took in $2.5 billion in new cash in the latest week, down from $4.34 billion the previous week. Funds that hold stocks of companies outside the U.S. had inflows of $3.86 billion, down from $4.6 billion the prior week.