Japan market summary for Thursday (Nov. 29)
Nikkei 225 Stock Average: +359.96 (+2.4%) to 15,513.74
Nikkei 225 futures Osaka: +375 (+2.5%) to 15,535, Singapore (SGX) +385 (+2.5%) to 15,555, Chicago (CME) *11/28 +265 (+1.7%) to 15,535
TOPIX: +38.83 (+2.6%) to 1,514.47; Advancers 1,449 x decliners 203 (unch. 70), New highs 9 x new lows 13; 31/33 sectors posted gains (-mining and air transport)
Nikkei Jasdaq: +12.83 (+0.7%) to 1,751.92
Yen: weakened 1.1% against the US$ and 1.2% against the euro late in Tokyo, to 110.20 and 162.50, respectively

Notes: In-line with back-back sessions of bullish trading of N225 futures in Chicago and the simultaneous U.S. rally, the 350+ point jump for the N225 and 375 point gain for N225 futures (exactly matching where futures closed in Chicago) was not a surprise.

Stocks were up big across Asia, led by the Shanghai Composite recovering 5,000 (+4.2% to 5,003.33) and the Hang Seng gaining 1,100+ points to 28,482.54 (+4.1%).

Japanese smaller caps participated in the rally too: TOPIX 2 +0.8%, MOTHERS +2.0% and HERCULES +1.4%.

It was the first session in 20 with overseas investors net buyers of stocks ahead of the market open. Overseas investors own approximately 1/3 of listed shares and account for even more of daily trading. Therefore, foreign buying is a bullish signal, but can often mean profit-taking time for domestic investors that were buying on the way down.

The latest report from the Tokyo Stock Exchange breaking out buying and selling of stocks by investor-type, show both overseas and domestic individual investors were net-sellers last week, with selling increasing among foreigners and net-buying switching to net-selling for domestic individual investors.