The Japan ETFs were up Friday even though the Nikkei 225 Index ended the day lower in local trading. U.S.-listed ETFs tracking foreign stocks trade while the underlying markets are closed.
The ETFs rose amid reports George Soros’s firm, Soros Fund Management, is scooping up Japanese stocks after the recent sell-off. “Soros, who had scored gains of more than $1 billion on bets against the Japanese yen and on Japanese stocks, returned to the market this week after seeing some signs of stability in the Japanese bond market,” WSJ.com’s MoneyBeat blog reports.
Separately, Bloomberg reported Friday that Japan’s public pension fund said it will reduce its holdings of local bonds and buy equities.
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