RPT-Asia ex-Japan funds hit by more redemptions - EPFR

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HONG KONG, July 14 (Reuters) - Investors pulled money out of non-Japan Asian equity funds for a seventh straight week amid concern about the impact of high inflation on the region, according EPFR Global.

The U.S. fund flow tracker said the outflows during the week of July 9 came as investors put more cash into safe-haven money market funds, as well as U.S. and Japanese equity funds.

Asian funds "continue to suffer because of investors' doubts that officials in the region can reconcile their long-standing preference for competitive currencies to boost exports with the steps needed to get ahead of inflationary expectations," EPFR said in a statement released on Friday.

It cited the case of South Korea, where the central bank aggressively sold dollars this month, boosting the won currency, in a bid to dampen imported inflation.

Citi Investment Research said in a note on Monday that according to EPFR data, outflows from offshore Asian funds in the last month or so surpassed previous records and reached $1.8 billion in the week ended July 9.

"Net outflows from Asian funds have risen to $13.2 billion so far this year. Alternatively speaking, 80 percent of new money taken in last year is now redeemed," the note said.

"Last week, redemptions from regional funds accounted for 64 percent of total outflows. Country-wise, India fund outflows remained the largest, whereas flows to Malaysia funds turned positive for the first time since April." (Reporting by Jeffrey Hodgson; Editing by Ben Tan)