Tokyo stockmarket sets record

Press, 30 April 1981, Page 18

Tokyo stockmarket sets record

PA Tokyo The market average on the Tokyo stock exchange climbed to a new record yesterday on continued active buying by foreign investors, who pumped $15,760M into Japanese shares in the last financial year. The average on the exchange, the world’s biggest after Wall Street, has been rising steadily this year on buying by mainly ' Middle East countries and Western pension funds attracted by Japan's basic economic strength despite slumps in Europe and the United States. Dealers said that the average gained 35.78 points to close at 7623.81, renewing the record for the third consecutive session. Shortly before trading

ended, the Finance Ministry announced that net foreign purchases of Japanese stocks in fiscal 1980, which ended last month, hit a record $6150M compared with only SI92M a year earlier. Foreign purchases of Japanese shares in the year rose to a record $15,760M from S6IIOM in fiscal 1979; foreign sales totalled $9620M compared with 55920 M a year ago. it said. The ministry said reasons for the sharp increase in 1 foreign buying included thei Japanese economy's basic, strength and the yen’s appre-: ciation against the U.S. dollar. i The yen. which was being; traded slightly above 215 to, the U.S. dollar on the Tokvo foreign exchange market at' the end of last week, closed trading yesterday, at 212.45, exchange dealers' said. |