High Water Mark For The Nikkei?

As foreign investors bolt, the Tokyo market may have peaked

For the first half of 1996, it looked as if the days of fast money had returned to the Tokyo Stock Exchange. Ever since the Nikkei stock average finally snapped out of its five-year funk last summer, a stampede of big Japanese companies has issued new shares to raise much-needed cash. At the same time, smaller companies have rushed to market with public offerings. Snapping up the new shares was a seemingly endless stream of foreign investors. Betting on Japan's economic rebound, they helped boost the Nikkei to 21,275 on Aug. 21, from last year's low of 14,485.

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