March 09, 1999
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| March 09, 1999 | atimes.com | |
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| Japan Economy Japan banks sell 167.4 bn yen worth of shares in Feb. TOKYO - Japanese banks sold a combined 167.4 billion yen ($1.36 billion) worth of shares on a net basis in February in the Tokyo, Osaka and Nagoya markets, setting a record-high value for net sales, the Tokyo Stock Exchange announced Thursday. Net overall selling by financial institutions totaled 228.3 billion yen ($1.86 billion). ''Banks speeded up unloading crossheld shares to maintain capital-adequacy ratios set by the Bank for International Settlements,'' a market dealer said. City banks, long-term credit banks and regional banks joined to break the net sales record for the first time in 13 months. Life and nonlife insurers sold 283.7 billion yen ($2.31 billion) on a net basis, with volume the biggest-ever at 392 million shares. Insurers ''have increased shifting their investment funds to bonds by reducing high-risk investment in stocks, aiming to raise solvency margins,'' a dealer at a major life insurer said. Meanwhile, foreign investors were net buyers to the tune of 475.1 billion yen ($3.87 billion), about six times the value in January. They remained net sellers for a sixth straight week through the fourth week of February. The survey was based on figures from the first and second sections of the Tokyo, Osaka and Nagoya stock exchanges. (Asia Pulse/Nikkei) | |||||||||
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