June 11, 2020 / 7:17 AM / a month ago

Foreigners remain net buyers of Japanese stocks on recovery hopes

June 11 (Reuters) - Weekly net purchases of Japanese equities by foreign investors were at their highest in more than four months on hopes of an economic recovery from a coronavirus-led slump.

Overseas investors purchased a net 786.02 billion yen ($7.34 billion) worth of stocks in the week ended June 5, a third straight week of net buying, data from Japanese stock exchanges showed.

The net purchases included 524.69 billion yen worth of derivatives and 261.33 billion yen in cash markets.

Upbeat data from world’s top two economies boosted investors’ sentiment last week.

While China’s services sector returned to growth in May for the first time since January, a U.S. labor market report from June 5 showed its economy had added jobs in May after suffering record losses in the prior month.

The Nikkei index surged 4.5% and the Topix index rose 3.1% last week, both recording their third straight weekly gain.

Meanwhile, Japanese investors purchased a net 157.4 billion yen worth of overseas equities last week, marking a fifteenth successive week of net buying, finance ministry data showed. ($1 = 107.0700 yen)

Reporting by Gaurav Dogra and Patturaja Murugaboopathy; editing by Uttaresh.V

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