August 30, 2018 / 8:06 AM / a year ago

Foreigners turned net buyers of Japanese stocks for first time in four weeks

Aug 30 (Reuters) - Foreigners bought Japanese stocks for the first time in four weeks in the week ended Aug. 24, helped by a weakening yen and brief-lived hopes for an easing in trade tensions between the United States and China.

Overseas investors bought a net 134.13 billion yen ($1.20 billion) of Japanese stocks, including cash equities and futures, data from Japanese stock exchanges showed.

The Topix index gained 0.69 percent, while the Nikkei index rose 1.5 percent in the last week, to snap their three-week losing streak.

Though volumes were thin in the last week, markets were propped up by futures buying, analysts said.

The build-up to the trade talks between China and United States lifted risk appetite early last week, though the discussions ended without any significant breakthrough and both sides implemented fresh tariffs as planned.

The deadline for public comment on U.S. President Donald Trump’s tariffs on $200 billion of Chinese goods is Sept. 5, with the new measures possibly taking effect next month.

In the last week, Japanese investors sold 60.9 billion yen ($545.55 million)worth of overseas equities, data from Ministry of Finance showed. It was their first sale in 22 weeks.

($1 = 111.6700 yen)

Reporting by Gaurav Dogra and Patturaja Murugaboopathy; Editing by Kim Coghill

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