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Japan stocks lead Asia with $400bn in gains, twice as much as China

Overseas investors drive rally with biggest buying in years

The Nikkei Stock Average climbed to a fresh 33-year high on May 22. (Photo by Yutaka Miyaguchi) 

TOKYO/SHANGHAI -- The value of Japanese stocks has swelled by $400 billion so far this year, the biggest increase in any Asian market and roughly double the gains of Chinese equities, as investors take a fresh look at Japan as an alternative to China.

The market capitalization of companies in QUICK FactSet's regional indexes shows that Japan had climbed 7% since the end of 2022 to $5.8 trillion as of Friday. Though Japan remains behind China in the absolute size of its stock market, it leads the region -- including Taiwan and Hong Kong -- in terms of growth.

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