Japan's stock market: Foreign ownership rises at Sumco, Asahi Glass
The Nikkei tabulated data on 463 companies in that particular group and found that the percentage of overseas investors grew at 261.
Drawn by recovering earnings and corporate governance reforms, overseas investors are flocking to Japanese companies, often picking up cross-held shares being unwound.
Foreign investors held a 39% collective stake in silicon wafer maker Sumco at the end of June, up 14 percentage points from six months earlier. U.S. institutional investors are believed to have stepped in after Nippon Steel & Sumitomo Metal and Mitsubishi Materials unloaded their Sumco shares.
At Asahi Glass, foreign ownership climbed 5.9 points to 26%. Overseas funds bought Asahi Glass shares after a major shareholder — an insurance company — dumped its holdings.
Companies that saw a significant rise in the share of overseas investors over the six-month period are often those that unraveled cross-shareholding relations.
Companies like retailer Laox and tool maker DMG Mori saw their stock prices rise along with their earnings. While retail investors sold these shares for profit-taking, foreigners apparently snapped them up.
Foreign investors bought roughly 2.5 trillion yen ($20.5 billion) of Japanese stocks on a net basis during the first six months of the year, propping up the market during that period.