Foreigners sell Japanese stocks amid yen rally, BOJ rate hike

FILE PHOTO: A media person stands in front of the stock quotation board during a ceremony marking the end of trading in 2022 at the Tokyo Stock Exchange in Tokyo, Japan December 30, 2022. REUTERS/Issei Kato/File PhotoForeign investors kept up a sell-off in Japanese stocks in the week to Aug. 2, concerned about a yen rally that is clouding the profit outlook for export-reliant firms, while a historic rate hike by the Bank of Japan further fuelled bets on the yen.

Foreign investors sold a net 515.41 billion yen in derivative contracts for a third consecutive week of net sales. They also divested about 552.43 billion yen in cash equities. "The current level, however, appears to be where the market looks to build a toehold for a path back to recovery," said Naoki Kamiyama, chief strategist at Nikko Asset Management.

In the debt market, cross-border investors continued to be net sellers of Japanese bonds for the eighth consecutive week, finance ministry data showed. Foreign investors unloaded short-term Japanese bonds worth 953.5 billion yen, for an eighth straight week of net sales.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Japanese stocks log biggest weekly foreign inflow in nearly six monthsForeign investors made hefty investments in Japanese stocks in the week ended July 5, driven by a market rally and optimism over the outlook for solid corporate earnings in the second half of the year.According to exchange data, overseas investors bought Japanese stocks worth a net 916.05 billion yen ($5.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »