Japanese stocks draw massive foreign inflows for third week

TOKYO, Nov 24 (Reuters) - Japanese stocks witnessed massive foreign inflows in the week ended Nov. 17, underpinned by strong corporate earnings and as investors tempered some of their initial enthusiasm about the prospect of a series of U.S. interest rate cuts.

Data from Japanese exchanges showed foreign investors secured a net 1.03 trillion yen ($6.88 billion) of stocks last week, after about 1.13 trillion yen of net purchases in the prior week.

Overseas investors purchased about 667.92 billion yen worth of derivatives and about 362.96 billion yen worth of cash equities.

Minutes from the U.S. Federal Reserve meeting showed that policymakers pledged to "proceed carefully", which traders did not interpret as new information, and also contained no confirmation that policymakers had ruled out more rate hikes. ...continue reading