(Reuters) – Foreign investors pulled more than a trillion yen out of Japanese stocks last week, as some stocks went ex-dividend and expectations of currency market intervention by the Bank of Japan led to profit booking after a recent rally.
They offloaded a net 1.18 trillion yen worth of stocks during the week to March 29 – their largest weekly net disposal since Sept. 29, 2023, data from stock exchanges showed.
Overseas investors sold a net 967.32 billion yen of derivative contracts, marking the largest weekly net selling in nine weeks. They also pulled about 213 million yen out of cash equities.
Last week, the shed about 1.3% following 5.63% weekly gains and a fresh life high of 41087.75 in the prior week.
U.S. banks Morgan Stanley and JP Morgan had also warned last week that Japan’s top-performing stocks were at risk of a sell-off because of overcrowded long positions in large companies.
Meanwhile, foreigners purchased…
