Japan's FY2004 FDI hits new high

Direct investment in Japan by foreigners doubled in fiscal 2004 to a record 4.03 trillion yen ( 36.6 billion US dollars), with capital inflow from the United States swelling more than sevenfold, the Finance Ministry said Wednesday.

The figure for the past fiscal year ending March 31 compares with 2.12 trillion yen (19.3 billion dollars) the previous year and the previous record of 3.13 trillion yen (28.5 billion dollars) in fiscal 2000.

Of the 4.03 trillion yen (36.6 billion dollars) spent to purchase Japanese stocks or offered as money lending, 2.62 trillion yen (23.8 billion dollars) came from the United States, which grew 7.5 times the amount the previous year, the ministry said.

The Netherlands came in a distant second at 512.8 billion yen ( 4.7 billion dollars) and was followed by the Cayman Islands at 125. 4 billion yen (1.1 billion dollars).

Source: Xinhua