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Markets

Foreigners dump most Japanese shares since Black Monday

Lack of progress on Abenomics drives $48bn sell-off

The Nikkei Stock Average sank to a new year-to-date low on Thursday.   © Reuters

TOKYO -- Overseas investors are on track to sell 5.3 trillion yen ($47.5 billion) more in Japanese shares than they bought in 2018, the biggest net sell-off since the Black Monday crash in 1987, as a global downturn in markets and Japan's lackluster economic policies scare them away.

The Nikkei Stock Average sank to a new year-to-date low on Thursday, ending down 2.8% at 20,392, as the latest U.S. rate hike drove down stock markets across Asia.

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