Value of Japan trust funds sees largest drop since Oct 2008

Declining by $53.5 billion in May, the value of investment trust funds for Japanese investors was hit by the strengthened yen as Europe's debt crisis weighed on global shares.

Data from the Investment Trusts Association of Japan revealed the overall value of publicly placed investment funds fell by 4.89 trillion yen, or 7.5 percent, to 60.5 trillion yen in May compared to 65.4 trillion yen for the previous month.

"Market turmoil stemming from debt woes in Greece and other European countries pushed down Japan's broader Topix index by 11 percent and the Dow Jones industrial average by 8 percent during the month," said a Reuters report.

It was noted however that retail investors poured a large amount of money into equities funds in May, lifting net inflows into equities funds to 920.9 billion yen from 256.9 billion in April.

View the full story in Reuters.

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