September 28, 2018 / 8:04 AM / 3 months ago

Foreign buying in Japan stocks last week highest in 2018

Sept 28 (Reuters) - Foreigners were net buyers of Japanese stocks for the second consecutive week in the week ended Sept. 21, helped by a weaker yen, and hopes of higher corporate earnings.

In the last week, overseas investors bought a net 1.49 trillion yen ($13.13 billion) worth of Japanese stocks, including cash equities and futures, data from Japanese stock exchanges showed. The weekly purchases were the biggest in 2018.

Analysts said that foreign investors, who have been net sellers this year, are buying back Japanese stocks to catch up with the gains in the U.S. market, where both the S&P 500 index and the Dow Jones Industrial Average have hit all-time highs this month.

The Nikkei index has gained 5.8 percent this month, on track to post the biggest monthly gain since last October. The Topix index has added 4.7 percent for the month.

In the last week, Japanese investors bought 297 billion yen worth of overseas equities, data from Ministry of Finance showed. It was their fourth consecutive weekly purchase.

($1 = 113.4400 yen)

Reporting By Patturaja Murugaboopathy and Gaurav Dogra; Editing by Simon Cameron-Moore

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