November 8, 2019 / 7:23 AM / 2 months ago

Foreigners buy Japanese stocks for fourth straight week

Nov 8 (Reuters) - Foreigners were net buyers of Japanese stocks for a fourth consecutive week last week, as growing hopes of an interim U.S.-China trade deal and a slew of encouraging economic data out of the world’s top two economies lifted investor sentiment.

Cross-border investors bought a net 474.75 billion yen ($4.34 billion) of Japanese stocks, including cash equities and futures, in the week ended Nov. 1, compared with 192.95 billion yen of net buying in the previous week, data from Japanese stock exchanges showed.

Overseas investors bought a net 209.06 billion yen in derivative markets and 265.69 billion yen in cash markets, the data showed.

Investor sentiment remained buoyed last week as both the United States and China hinted that progress towards the “phase one” trade pact was in good shape and was likely to be signed towards mid-November.

China and the United States have agreed to roll back tariffs on each others’ goods as part of the first phase of a trade deal, officials from both sides said on Thursday.

Last week, the Nikkei index gained 0.24%, while the Topix index jumped 1.08%, both marking their fourth successive weekly gain.

A surprise expansion in Chinese manufacturing activity and stronger-than-expected U.S. employment data also supported markets last week.

Japanese investors last week bought 381.7 billion yen worth of overseas equities, their largest weekly net purchases since mid-March, data from the Ministry of Finance showed. ($1 = 109.2700 yen)

Reporting by Gaurav Dogra and Patturaja Murugaboopathy; Editing by Subhranshu Sahu

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